I think I can put the finger on how it differs and why the AI version seems more "generic." I think the difference is in the "post production" that became more common in pop music in the 2010's. I'm not at all a musician so I don't know the right terms for it, but the AI version has a bunch more of little "flairs" and auto-tuning and audio tweaks which I assume is put in during post-production that makes it sound "slick."

However, it seems to me that all pop music uses the same post-production tricks these days, and so it all sounds somewhat formulaic even if the individual songs themselves are very different. As such the original version may sound more interesting simply by being different.

So the 2001 version sounds more like an "MTV Unplugged" performance whereas the AI version sounds more like the professional and polished version that gets released commercially.

Each has their allure, however. I suspect the AI version will do better with younger crowds.