Yes, it's likely that the best stuff survived, but three chords and an ABABBA song structure is not the same thing as a cantata or a fugue. Classical music is the expression of a different set of technical skills and art where most current pop music is basically a kind of folk porn. Some of it is fun sometimes, but they aren't the same.
It also depends on the style of classical music. The romantic period was an answer to the common man's complaint that Baroque style contrapuntal music was too intellectually demanding. Le sigh...
