It's just not nearly as rare as it once was.
A decade ago, a cycle was nearly as rare as a no-hitter. Through 1999, modern baseball had seen 204 cycles, 202 no-hitters.
Since then: 38 cycles, 12 no-hitters.
I'm not sure it means anything. Sure, we're in an era that favors hitters, but wasn't that also true in the 1990's? And yet, there were more no-hitters than cycles in the '90s (31-24).
A little cycle trivia: The Padres have been playing for 30 years, and yet they've never had anyone hit for the cycle. Neither Tampa Bay nor Florida has had a cycle hitter, either. And the Tigers once went 43 years (1950-93, or George Kell to Travis Fryman) without anyone hitting for the cycle.