This is true, and there are a few reasons for it:
1) Frameworks. Most everything uses a framework these days (Ruby on Rails, Angular, etc.) and those, while accelerating development, often include unnecessary, inefficient or just plain bad code that slows things down.
2) Far less is done locally. Web applications alas now rule. These are just slower by their very nature, and even worse, like old terminals from the 1970s the worst ones are coded to echo back input rather than handling it locally.
3) Lots of new/newish coders who don’t know what they are doing. There has been an explosion of people entering the programming field in the last decade. Many of them are not very good.
4) Ship early and ship often mentality. Called in the industry CI/CD (Continuous Integration/Continuous Delivery), it’s designed to avoid monolithic releases by shipping code early and often. This frequently, though, causes poor code to be released and never altered because it’s “good enough.”
5) Belief that because “computers are really fast now,” no optimization is required.
6) All the surveillance and tracking that’s inserted everywhere also plays a role.
This is why many applications and computing experiences, though not being substantially different functionally, are much slower than they were in 1995.