I'd rather see studios make 100 games that each cost $2 million to make than one $200 million game.
That's definitely a scale a AAA studio can afford, but far from what we associate "indie" with in our heads.That's where the exploitation begins.
You can definitely make Doom 1993 with 1-3 people today (and without crunch). Making Doom 2016 levels of fidelity (even if we ignore the excellent optimization) would still be a very lofty task for 10 people. We still don't really have that many "full stack game devs" that can work at that scope and fidelity to bring the team size down.