As I said before, I really don´t like this discussion, as in general we will always have fans of one player saying that the period that the other dominated was weak. But I´m posting not to repeat this, but to make the following points:
1) I am pretty convinced that it is impossible to come up with any statistical model to measure the "weakness" of an era, simply because you are always comparing the players with themselves. You can tell if the era is more or less competitive, but that´s all. Dominance by one player, or a few, is not a necessarily a measure of quality. I´ll give one simple example situation to illustrate that:
Take one "era" where the titles and finals are shared by, say, the top 20 players of the world (an era some would call weak, because it is not just the top 5 getting to the finals). Now, consider an alternate reality where we get rid of 15 of those top 20 players. This alternate reality is weaker by definition, right? After all, we removed 15 of the top 20, what is left is surely worst. And what would happen? The remaining 5, from the original top 20, would basically concentrate all finals and titles. So, in this situation, the weaker field is the one dominated by a few.
So, dominance is not necessarily a sign of strength of the field. It is also easy to show that competitiveness is also not necessarily a sign of strength.
So, the study Obsi brought above shows that the 2011-2016 era is dominated by fewer players, but this does not mean the field is stronger. We generally believe that dominance is strength, as we think that lack of dominance means that nobody was good enough to dominate. But we could also say that the field was good enough to stop anyone (or any group) from dominating...
But, ok, there´s a reason why we feel that an era dominated by a few is stronger: because we identify those few as "winners", and that is surely a factor of relevance.
However, if we have a dominant #1, what is easier for him? Keep beating the #2, #3 and #4 all the time (that is, always the same players), or to face different, unknown and unpredictable competition?
That´s basically why I don´t think any model would do the job. I guess that all we can do is look at players who were "competition" and compare them, one by one.