I think it’s the hard times, strong people, good times process with more steps:

Passionate game creators make good games, good games get players and buyers, that creates profitable/well known companies, that can attract the (no offense) non passionate/revenue seeking MBA types, they worsen the games, passionate developers leave…

I HOPE those passionate developers can get together again to make new good games but who knows. I imagine it’s hard to attract capital without promise of simple game loop (read: minimal investment required) and with pay for progression. Those returns (I imagine) are just too damn juicy until people break the cycle