That's a hot take. It's never been a better time to be a gamer. In addition to most of the gaming backlog being available via emulation, it's never been easier for a small number of people to build a great game. So long as you're not extremely picky there's more good games to play than time to play them.
It obviously still happens. Lethal Company is a great example of that (1 developer, currently the top seller on Steam), but compared to the DOOM/Myst/etc era where ALL games were developed by small teams it's harder to establish a niche.
The fact that Steam exists and dominates the industry however, was not inevitable, and its incredible that we have things like Early Access and other tools to enable smaller developers to carve out their niche!