Like, your point about being an indie developer being hard is, well, just ask anyone who was making indie games 1, 2, or even 3 decades ago. It’s always been a lottery where 1-3 games a year hit it big and the rest can only barely fund themselves.

No, it really hasn't. At least, on the PC side.

if we go back to the 80s and 90s? SO much of what has defined video games actually were indie games. You just needed to call up a magazine and ask if you could put your game on their demo disk (often actually a floppy at those points...) or let the ten people on usenet know you had a BBS with games on it. Probably the most famous example of that is fricking DOOM but so much of what EA would acquire, fail to make a good sequel to, and kill, came out of that mindset.

Then the early 00s were heavily characterized by mods being heavily platformed by the larger studios (a decent number of modern day studios actually came out of Make Something Unreal), demo discs getting even bigger (because now they were CDs), and the rise of The Internet meaning that it was possible for small publishers (fucking Strategy First) to do direct to consumer sales and games like Mount & Blade and later Minecraft being directly sold as direct downloads to sickos.

Then we had Steam and... okay let's ignore the Steam Greenlight program because that was just bad. But it mostly removed the barrier and made direct to consumer sales almost trivial. And it made it REALLY "easy" to show that you had a solid game to make that pitch meeting for the "last few years" of development a lot easier. More on that in a bit.

And as games became more expensive to create (if you tried to sell Soldat today... well, just go look at Soldat on Steam), publishers were more and more needed. Sometimes as blatant "Embracer published this" and sometimes as "just" investments that never really get disclosed but leads to weirdness where one pissy investor means a game can never be sold again.

Which gets back to the 2020s. Economic uncertainty and the realization that "just fund this studio for 10 years" guarantees nothing have made it a wasteland. Again, plenty of developers have been very open about this. NoClip even did a series of lite documentaries about their attempts to go through the process of making a game and it is bleak (Danny repeatedly compared it to being on Tinder... Which raises a few questions but I am sure somebody told him how much being single sucks). There is less and less money to go around and it is more and more going to the surest of sure things. All but guaranteed to make back the money and then some? Yeah, but this studio is promising us a 5x return so...

Which gets to Hooded Horse et al. I fucking LOVE Hooded Horse and Kitfox and so forth (still not sure how Microprose suddenly came out of nowhere to become just as big a part of my entertainment as they were... 30 years ago). It is also very worth understanding that they are mostly swooping in on games that have been in development for 4-10 years and just need some money to dedicate time to polishing things up and making assets (Caves of Qud and Dwarf Fortress are great examples of this). Or are devs/studios with MASSIVE pedigrees and, quite often, the rights to remaster/re-sell their back catalog (this is more a Microprose thing).

Which gets back to the role of major studios.

Valve, for example, when making Half Life, realized their game sucked when they were most of the way through development because they were learning as they went. So they scrapped most of what they built and what they remade is what we know as HL1, and that’s well over 2 decades ago

HL1 was published by Sierra and fronted by former Microsoft devs (you ever wonder why GabeN gets off on sticking it to Windows?). They had a start-up funded by independently wealthy developers and, according to https://en.wikipedia.org/wiki/Half-Life_%28video_game%29#Development, one million (1990s) dollars advance and STILL involved going into potentially serious debt to make.

Which, again: Technical abilities developed on someone else's dime. Good chunk of cash from getting in early on the rise of frigging Microsoft. And publishers who would throw (doing rough inflation math) about 2 million dollars at a project because "why not".

And... you know how publishers got the money to do that? Sierra was a frigging powerhouse in the 90s. So much of the adventure genre was kinda just them and they had already branched out to strategy, party games, delicious copaganda, etc. Like... https://en.wikipedia.org/wiki/List_of_Sierra_Entertainment_video_games

Everyone loves the idea of someone making something truly ground breaking in their basement with scraps. The reality is that we mostly see evolutions and deep dives on existing games. But what people often forget is that the thing that takes a game to the next level is almost always very experienced developers. And... most of them tend to have some time at a major studio under their belt where they can learn the dos and don'ts and so forth. Get rid of those major studios and suddenly everyone is dependent on finding the right online tutorial and not realizing that the old hats who make said tutorials and come in to "take things to the next level" are all retiring or changing industries for the same reasons those major studios are getting gutted.

And also... the reality is that the Terrarias and Quds of the world are incredibly rare. Mostly we get complete jank fests that barely function and are clearly just someone's wank fantasy.

I am not saying people need to feel horrible over the death of EA (although... you probably SHOULD considering how many people they employ and how they still make some certified bangers). But this "Fuck it, this massive industry pillar collapsing will have no impact on the industry as a whole" is just plain naivety.