"Content is King". Exactly what Google has wanted us to buy into for a long, long time. They have promoted this saying for a few years now, and it seems that it has been quite successful.
But, is Content REALLY King???
Not much more than it ever was, IMO if you're talking about strictly ranking on the 1st page of G. Speaking from strictly a ranking perspective, "Backlinks are King". As far as content goes, you need to have your main keyword on-page several times and in key areas (Title Tags, H1) along with "supporting secondary keywords" that have something to do with your topic/niche/main keyword, that will prove to Google that this is "valuable" information (whether it is good or whether it is crap). With that kind of content and some nice backlinks, you're on your way to the 1st page whether your content has any real value or not.
"Content IS REALLY King" if you're talking about credibility when someone visits your website, but, we've always known that. No one was ever going to buy something from a website full of spun content or ridiculous design.
A strategy I've employed successfully has been to put what I call "power content" on my sites in order to begin the ranking process. "Power Content" is simply a quickly written page that doesn't need great information on it, but does include the keyword, secondary keywords and more than 400 words, an optimized image and YT video. I give Google exactly what they want to see. Then, once the site is on page 2-3, I than adjust the content to be "valuable" since people might actually be seeing it at that point. This way, I'm not wasting time trying to write actual "high quality content" during the full ranking process.
In any event, I think the "Content is King" mantra is not too much different than it ever was. The major thing that changed is that Google has become better at selling it. Make no mistake, Googlebot has become more sophisticated, but, by and large, if you're not keyword stuffing and completely over optimizing, then: "Backlinks are King".