I disagree...
The way it goes:
A (looking at art): Hey,
I could have done that!
B: But
you didn't.
Yes, art has become detached from most people, but there are serious truths in modern and postmodern art. It's not just people randomly throwing colors on a canvas. (In the same vein, you could say that premodern art is just glorified illustration, and was made obsolete by photography.)
It can teach people a lot. To be open to emotional impressions, for example. If it makes you think and retreat into yourself for a moment, it's art.
Those colorful squares are beautiful, and make me feel something. When standing in front of the real thing in the MoMA, even more so. It evokes feelings. It's art.
Whether it's worth a zillion megabucks? I tend to not think of monetary values of art. That's an artifice totally separate from art itself. I don't need to pay a zillion megabucks for seeing that piece, I just need to pay the entry fee to the museum where it's at.
Neither the artist, nor the artwork is responsible, or characterized by the "market value".
I draw the line at calling something art that is just essentially something anyone could do have put together in a few minutes without any skill.
i.e A black wall is not art.
Nor is a couple of colourful squares like this that is worth $70M:
Nor any of these paintings:
http://www.artsumo.com/blog/post/4