The magic is long gone because Hollywood is run by people who greenlight weak and derivative scripts. This has been the norm since the 1990s. Star Wars is no different from any other genre blockbuster that Hollywood produces and the public consumes..
Yup, but I think this is more about the SW movies than Hollywood movies in general
Now, as much I dislike the prequels, at least they weren't generic. I enjoyed the new movies, but it's
really hard to forget there are people behind the scenes making sure as many people see them as possible. Writing was on the wall as soon as JJ was hired to direct; just like his Trek movies, this was going to be a repackage of SW into a fun script that people would enjoy but didn't take too many risks.
And it worked. Most people loved it, and that was exactly what they needed going out of the gate. Even if you liked the prequels, they were clearly controversial and decisive. Disney needed a solid hit.
I think a big part of the OT magic is that nobody thought ANH would be this big hit. Even ESB, which is now generally seen as the best movie, wasn't particularly praised when it first came out. Production was a nightmare, and few people thought these crazy movies would be magic, but they turned out great. Even watching now, ANH really feels like something crafted by someone with a vision rather by a director hired for the job.
I'm not sure you can get the 'magic' back because now everyone expects SW to be good and they already know the universe. The prequels had a nice amount of buzz because it was assumed these would be the last ones. Now everyone knows we're going to get as many movies as the public will take. Disney need to keep making movies that they know (or think) will be hugely successful. Problem is, that kind of mindset makes it very hard to take a gamble on the sort of creativity needed for the old magic. Crazy thing is the current SW setup would
never greenlight a movie as risky as ANH, the foundation of its success.
I think there's a nice parallel with the LOTR movies. I know they were a bigger property that got a lot more buzz, but it took a long time to secure funding and nobody knew how these movies were going to go down until the first one hit cinemas. This huge risk of filming a trilogy in one actually worked, and the films really feel like the project of one man. Then the studios want more, so PJ is basically forced into making these rushed, generic movies with too many battles, too many returning characters, and a pointless love triangle. Even if those movies with good, they wouldn't have felt as 'magic'.