I think we're just starting to see a shift away from "AAA" gaming. People are starting to get fed up of grey and brown FPS' and gritty action games, but the purchase figures for indie titles on platforms like Steam suggest that gaming is very much still alive and well, we're just looking elsewhere for our gaming fixes now instead of buying whichever iteration of CoD is coming out.
Also (as has already been said) we're pretty early on in this generation's life cycle, so most developers aren't taking any real risks with their "big" games just yet.
For every sh*tty franchise that just keeps knocking out the annual updates, you have something different like Five Nights at Freddies (although now we're getting to the 4th installment, they might start to be guilty of milking a franchise for all it's worth).
Even though the mainstream gaming market is heading towards a world of HD remasters instead of unique IPs, we're still getting games like Ori and the Blind Forest, Child of Light, OlliOlli, and lots of cool other "indie" games (can we really still call them indie now guys like Ubisoft are making plays for XBLA revenue?).
Basically, gaming isn't dead, but you are going to have to look a little harder now to find something different and a little more off the beaten track.