The last really good rock band was Pearl Jam? That is your opinion, and you are entitled to it. I liked only a few of their songs personally.
If you sit back and look at the landscape of the musical scene, there are still some rock artists from the 90s that are still going in some capacity.
I say though that if you look hard enough in this ever changing music industry, chances are you WILL find someone making new music that you like. It may not be at the forefront of what's popular, but it's out there. I've been into Our Lady Peace for a long time, here's a band from Canada that has been around since 1994.
They have marketed themselves to the US of course enough to create a fanbase and sell out venues, but they usually aren't all over the radio in the US, and you won't find them on MTV or VH1. Yet here they have been just writting and continuing to make albums while the music industry around them changes with the strength of their fanbase and mainstream success in Canada keeping them going.
Chris Cornell is still out there making music as a solo artist. IMO he's one of the best rock singers in the business, and he goes out on tour playing his songs from Audioslave and Soundgarden, as well as his solo material (as he did when I saw his concert in Baltimore last April). His new solo material may not be all over the pop-radio scene, but here's another musician from the 90s rock scene that has pressed on despite the music industry changing around him.
The Foo Fighters are still around, as well. It seems to me that if you want to find some newer music that may appease you, perhaps you should look into some veteran rockers out there still cutting new material.
I would also say don't look past some of the newer bands like Shinedown who IMO opinion are a throwback to a 90s type band. They basically fall on the old stand by of melody and and hard rock riffs with strong vocals. They aren't going to find themselves all over MTV, but they will still likely be around a few years from amidst the next new trend in pop-music.