Here's an article that says the rapid expansion of the league, and the accompanying influx of less talented players, has stained things out even more than steroids. It's a pretty compelling argument, and it has a lot of interesting statistics that seem to back up the points really well. Here's a key quote:
In the expansion era, home runs per game are up 30 percent over the previous decade, strikeouts 15 percent and hit batters a whopping 70 percent. All are likely the result of expansion’s dilution of pitching talent.
As for how to "unruin" baseball, the writer doesn't really get into it. If his premise is correct then the league should eventually balance itself out naturally, as more elite players develop and replace weaker players on their way out. No word on how long that'll take, but I'm with him on the importance of moving the game away from the recent emphasis on homers and the big play (action stick notwithstanding).