Arsenal were the last Premier League outfit remaining in the elite European competition until they were knocked out by Bayern Munich last night.
"People have said, 'Is this the worst Premier League ever?' but I think that's a bit harsh," Hartson told BBC Radio Five Live.
"We still have some fantastic players gracing the Premier League, but it's disappointing. We have some big teams like Chelsea and Manchester City who have spent absolute fortunes, so not to get through to the last eight is a shocking state of affairs."
The final eight teams in the competition are Real Madrid, Juventus, Barcelona, Paris Saint-Germain, Galatasaray, Bayern Munich, Borussia Dortmund and Malaga.