It's more nuanced than that.This right here is the problem. Along the road of our careers, someone forgot that the listening public is who consumed the ads in order to patronize the advertiser's business. It takes two to tango, and when the industry kept stepping on one half of the equation's toes, a large percentage of them ran off for a better polished and waxed dance floor
In larger markets, you can't have quirky formats that attract few listeners and/or listeners that advertisers (the customers) want to reach. In large markets you also usually have owners with multiple stations, and they are often programmed with an overall cluster strategy looking to get in on agency buys.
In smaller markets, you don't have many local businesses who have the budget to effectively advertise on radio (or their advertising dollars are better spent elsewhere).
On top of that, you have less dollars being allocated to radio overall due to the economy and a wide variety of alternative marketing options. You also have inflation continuously increasing costs for station owners.
It's not a good situation. "Oh wow" programming ("oh wow" to you, but annoying to most other people) on a 99 watt translator/1000 watt directional, high on the dial AM station is not the answer.
I know it's fashionable around here to bash "corporate" radio, but if it wasn't for consolidation, many of these signals would have been gone long ago.