This is inaccurate.
I don't have the stats to back it up, but the power of Unity Engine and Unreal Engine have effectively created an indie game developer renaissance.
One of my favorite games at the moment, Hell Let Loose, is published by an indie studio that started in 2017 as a Kickstarter project. They launched their PC version last summer and successfully launched an Xbox port this past fall. It is objectively a better (but harder) game than COD WWII or Battlefield V, both of which are considered AAA titles and have had hundreds of millions put into them for development.
Combine that with the lower barrier to entry with the discoverability of games on Steam and Xbox marketplaces and you have a very hot market. Oh, and consumers play video games now more than ever.