In my opinion, the "magic" gets better every visit as we discover new things, gain more experience, and figure out what we like and what we don't. It is by going so frequently that we are able to better the next trip, and for us, that makes each trip even better.
A bit more objectively, while MM+ might be a bit of a mixed bag now, there are so many things that have improved over the years: food, attractions (I'd argue we have one of the best groups of attractions in WDW's history now), coffee, and more. Now, it seems like it will be sooner rather than later that MM+ will turn into a bit more of a positive, particularly with this new fourth FP+.
Often, I think long-term Disney fans confuse a dearth of magic with nostalgia. Having visited the parks for many years, I can relate but I wouldn't argue WDW is any less "magical" now than before/