We get dubbed Telugu and Tamil movies all the time and my family loves those movies but they are just that, for fun, while some of the Bollywood movies provide sensible, serious and griping stories.
Bollywood degraded From the year 2008 to 2012 and after that it has picked up. Ironically, it was during the period 20118-12 when S Indian movies were being adapted by Bollywood left right and center and of course Item songs.
Luckily, things have started changing post 2012 and we have been getting some quality cinema from Bollywood since then. Most of the Indians who discuss Bollywood have no idea what they are talking about and speak the language of Pakistanis by saying, its all skin show and no content. It was just a period of 2008-12 when Bollywood degraded, before and after we have and are producing some of the best contents in Asia.
For example just in the year 2016 Bollywood gave some of the amazing movies. I have listed a few below.
Dangal, Airlift, Dear Zindagi, Sultan, MS Dhoni, Pink, Udta Punjab, Neerja, Rustom, Kapoor & Sons, Wazir, Ae Dil Hai Mushkil, Azhar