Well, the expression exists. There it is: “Web 2.0”. But as a concept, it’s almost like talking about “Onion 2.0” just because you now do pickles differently.
I remember Andrew Keen and his position regarding this phenomena. His criticism is totally valid as long as you start with assuming that “Web 2.0” actually exists. The name itself invokes criticism. Put aside this assumption and you’ll find yourself actually talking about criticizing large scale mediocrity and large scale deification of mediocrity, which is historically unprecedented.