Your application of exponential function is flawed in your argument. The increase of good vs bad is NOT equal in terms of quality of music same as it is in anything else. I won't get into extreme details, but to put it in layman's terms, there are always more idiots than geniuses, more poor people than rich, more overweight people than athletes. This has been touched on by everyone from bankers to motivational speakers. some people call it the 80/20 rule, some the 95/5, and some others like Jim Rohn have gone as far as say 97/3.
Using the first figure since it's the most widely used, it means 80% of the real work in any company is done by 20% of the employess, so that translates to 80% of good music out there is done by only 20% of artists. I'd actually go with 95/5 on this one. Because of how inexpensive technology has become and how
advanced software has become (combined with the ease of pirating) we have an influx of mediocre music flooding the market. Blame the internet if you will, but there isn't any more or less good music now than there was in the 90's, it's quite the opposite. There's a huge flood of garbage being produced by every single noob with a computer calling themselves a "pro-doo-sah".
So unless human beings have evolved in the past 20 years (which they haven't), that means that the rules still apply to the human condition. Only the truly motivated and blessed will move up and the imbeciles will stay where they're at. Additionally, keep in mind that it has been proven that idiots multiply faster than normal people.
There is more garbage out there because idiots with poor work ethics have access to the tools but it still takes the same amount of time and effort to become good at anything. Just because it's easier now more than ever to get your hands on the tools to make music, the amount of effort it takes to be good (and the unwillingness of the masses to commit to anything of value) hasn't changed a bit.
So yes, there is more crap out there because of FL Studio and pirating than there is good. By a landslide.