In more ways than one, I feel like modern gaming, at least outside the Indie scene has become too big for its own good. The development time, costs, and problems associated with developing a modern AAA game are astounding. More or less if a single AAA game fails now, even for a huge company like EA or Nintendo, it's financially disastrous for the company.
With greater expenses, comes a greater need for support and money, which unfortunately means investors. Answering to investors, especially out of touch boomers who've never picked up a game controller in their lives is often the death of creativity when it comes to modern gaming. They want games that follow the trends, not just in gaming, but in every other way as well. This also leads to highly political games or games that are way too heavy on social commentary. People don't play games to be preached to or have someone else's political ideologies sold to them. They do it to escape that shit and many other day to day issues. I feel like this is turning a lot of gamers off to games from bigger studios too.
And then also, there is that thing as old as humanity itself, greed. Yes, these big game companies have become very greedy not just with things like loot boxes, day 1 DLC, paywalled content, and many other things that require you to pay extra money to experience the full game. Greed has also, once again, stifled creativity and innovation in the industry. They're more or less playing it safe while simultaneously thinking of any way they can to squeeze an extra buck or two out of you.
More or less, mainstream, modern gaming has lost its innocence and become way to corporatized and the amount of resources required to make a game now discourage innovation and risk taking. This is why modern gaming is stagnating and why more and more people are drawn to Indie games or games released by smaller studios. Think about it, some of the biggest, most successful games over the last decade have come from small development teams working with a fairly small budget. This is not by accident as eventually people no longer get hyped about generic hero trying to save the world from overlord menace, which not so subtle political commentary scattered throughout.
On a personal level I'm already mentally prepared to bow out of modern gaming and feel like I'm probably one more console generation from doing so. As time marches on I find myself playing older games more and more. Rarely does a new release come out that gets me really excited. I find that I get more excited about games that came out 15+ years ago that I have yet to try out. On top of that the trajectory of modern gaming going all digital means I will rarely buy a game when it first comes out, and instead likely wait years until it's under $10 or so. Digital copies of games are worth way, way less to me since I'm having to forfeit my ability to actually own the game; if I'm going to essentially rent a game indefinitely I don't plan on paying the same premium. But yes, modern gaming is definitely stagnating.