You can already see how the same thing has played out with computer games. With the modern engines such as Unity almost anyone can make a game. And almost everyone suffers.
And as a result there's now a million games most of which are poor quality asset flips. Everybody suffers, creators and consumers. Race to the bottom where the bottom has been reached. Prices are zero and earnings are zero.
If 15 years ago an indie game dev would allocate 80% to making the game and 20% to marketing etc. Today that will not get anything but it's much better to spend 20% on the game and 80% on the marketing, SEO optimization and attention harvesting. It's a shouting match where it's all about winning the shouting match not producing the best content.
Another race to the bottom.
Likewise these tools have enabled many more people to create vibe-coded slop, and may lead to more quality software (making it harder to stand out without marketing), but the best software will only get better.
The reason that “skill at making a fun game” doesn’t guarantee success is because there are so many fun games. Much less, if at all, because there is so many slop.
There's never been a better time to be an indie dev. I'd rather have 1/1000 indie games be awesome than being force fed whatever storefront disguised as a game 'AAA' publishers poop out every year.
Just look at how slay the spire is doing up against marathon right now. Which of those was shouting the loudest? Highguard anyone?
It is true that the indy game market is brutal but it's always been brutal.
You don't really hear about a crisis at the indy game level though, rather at the AAA game level there is much of "we'd like to use our market power to take out the risk in game development" and then years later we realize they took out all the value before they took out the risk and now they're doomed.