Setting aside why ... and taking into account all of the informed views above, I'd still love to know:
Does anyone agree with me that a possible explanation for the reduction in MLB offensive production is that the game values pitchers today more than it does hitters?
Yup, JP, I agree from this standpoint - with the heightened accessibility to information, the condensed and well-publicized showcase variety of recruiting and more emphasis put on velocity and projectability, pitchers get more visible love during the college recruiting process (and the younger kids and their parents know about it as well). This makes pitching more desirable to many recruits and they are more likely to choose that path when both may be options.
Cabbage played a year of SoCal Scout ball. The talent level at every position for most every team was really impressive. Several D1 caliber kids on the field at any given time. Yet, everything revolved around the P's. You could see it in big waves. So-and-so pitcher was scheduled to throw the 3rd and 4th inning and that's when the scout wave would come and go.
Threebagger beat me to my other thought - more emphasis on hitting the long ball and the resulting acceptance of high K's and lack of complete hitting skills that come with it is another factor.