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A lower calibre of politician. Even in 1997, The Times was calling Theresa May out on being a Robo-Politician.
Blair, Brown and Prescott were equally a step down from men like Callaghan, Healey and Benn who'd fought in the war, and even they were the B-team to Attlee and Churchill.
The other problems are economics and time. You've already got weaker raw material (political personalities), now you've got to satirise them on a shoestring budget, and you need to have the whole thing written, filmed, edited and on telly by next week because we want it to be topical and even on this timescale, by next week your satire is going to seem dated. Under these circumstances, is it surprising you get so many out-of-touch, received wisdom, this-isn't-very-funny takes on Trump, May and Corbyn from people in the same social circle?
I think even apart from alternative news, it's partially the collapse of mass media. Even if you stick to a single news site, the non-linear way you can explore it means we could both come out of a visit to the BBC News site with a completely different impression of the world. Compare with television where you'd got 4 broadly similar channels and you had to pick one of them even if it meant sitting through a documentary about flower arranging.
On Trump, I like the line a friend gave me from the Simpsons: The pie gag only works when the sap's got dignity!
The Clinton campaign shooting itself in the foot was quite funny, if you're a bit of a political wonk type of a certain persuasion, but Trump clowning around wasn't funny because he was just an undignified clown. He couldn't lower himself, and Bush had already lowered the office.