It won't collapse in the same way because, like you said, we have tons of indies and they have easy access to publishing now. Hopefully the AAA space collapses though. It looks like it's going that direction. They've forgotten why they exist.
I’m curious if it would expand past games to tech. So many businesses aim for AI to take most of their programming role and fire their staff. Assuming that fails in some hilarious public ways over the next five years, I’m wondering what the old guard that knew the technologies well will do.
It won't happen in tech outside gaming because tech outside gaming moves a lot slower so the collapse will happen to the front before the rear even thinks about adopting stupid changes like that.
Also, machiens capable of gaming are ubiquitous. Say the console market collapses because people recognize that Playstation and Xbox offer less entertainment per dollar than lighting $20 bills on fire. PCs, phones, tablets, maybe even smart televisions are everywhere. It's not like the early 80's when having a computer in your house is a new idea people were still figuring out.
It would be fun watching some of the bigger studios fart themselves to death though. I don't know if we need Ubisoft, EA or Activision anymore.