Eh, yes and no. Even in hair metal there are still legit bands that even today are regarded as influential. The only (kinda)nu-metal band ive ever heard as being legit are the deftones. Honestly, when was the last time you've heard anyone talk about how badly they wanted to see Staind or limp bizkit? The general genre of "emo" has already been around since the early 90s and has outlasted alot of what is popular.
the other guy was right..
Emo will be looked at just like nu-metal, and hair metal.
The reason why you don't think any Nu-metal band's are "legit" is because you are not part of the fan base or the sub culture. In fact, Korn set the standard for that genre and they've been copied ever since.
There will always be legit bands the stand the test of time, but as a whole the emo ship is going down just like the rest..
Emo wasn't popular in the 90's.. (braid, sunny day real estate, and mineral weren't selling millions of records or touring arenas in a bus)
Emo broke into the mainstream a little bit in the early 2000's when band's like Taking Back Sunday, Thursday, Dashboard Confessional, and Jimmy Eat World started to gain recognition for some of their earlier work.
The style of music didn't become the over homogenized version that you know and love until bands like Fall Out Boy, and My Chemical Romance were CAREFULLY marketed for stardom by evil men in business suits during the late 04-05 myspace boom.
Next thing you know the music is getting worse,
and mommy even knows what emo means.