I wish someone did a writeup on how it is that practically every cool studio of the 90s has dissolved in a big publisher. The only exceptions I really can name are Id and the Obsidian/BioWare duo. Even Blizzard, industry's sacred cow around 2000, were apparently put through the blender in the later years, despite keeping the name and franchises.
My hypothesis, of course, is that very few people can keep delivering for twenty years. But still I can't help thinking―what it'd be like if Psygnosis taught a generation of rookies their way and did something other than F1 and Wipeout after 2000.