Obs, you make a valid point about the escalating pomposity of the music press but we can't pin the blame entirely on them. The critics evolved hand-in-glove with the music of the times, it was a fairly symbiotic development I think. The divergence of "twee" pop from "serious" rock took root in your beloved sixties and that chart hits argument can be applied to the sixties just as it can to the decades since. Hit singles are a useful yardstick but by no means the definitive way of identifying the "greats", and statistics, as we all know, can be twisted to tell different tales...
between 1960 and 1969 Herman's Hermits had as many UK top ten hits as Bob Dylan and Jimi Hendrix put together! they also had more UK top ten hits than The Who, and indeed more than The Zombies, Cream and The Yardbirds combined (Dylan/Hendrix/Who/Zombies/Cream/Yardbirds with not a single UK number 1 between them during that entire decade, incidentally - unlike Peter Noone's boys!).
In the seventies, Slade, Abba and The Bay City Rollers (hardly beloved by "serious" rock/pop critics) had 15 UK number one hit singles between them. In that same timeframe Pink Floyd, Genesis, Led Zeppelin and The Rolling Stones had 1. Yet I don't think anyone would call them the "also rans" of the 70s.
Same sort of argument runs for each subsequent decade; I've no doubt Wham! vastly outsold The Smiths as you say, even though we both know who gets the critical plaudits.
'Twas probably ever thus though... way back in the fifties, double chart topper David Whitfield had almost twice as many top ten hits as "also rans" Little Richard, Fats Domino and Chuck Berry put together!!!