Counterpoint: the only gaming market collapsing is AAA. Indi devs will inevitably rise to take their place
Over corporatized business practices is what did it. Big expensive meticulously planned cgi slugs are all they can do. Nintendo as well don't let the cute graphics fool you. And because they are so big and expensive and time consuming-- many new games take years to build-- they have to be runaway hits otherwise it's a massive loss studio's cannot survive
They simply cannot afford a misstep. And because of that they stagnate and collapse. Too afraid to fail to be unique and innovative and potentially plunder much bigger riches therin. (Potentially - being the scariest word there is)
Counterpoint: the only gaming market collapsing is AAA