Oh no... people aren't playing new games.
Have you also noticed the switch, where even singleplayer games are jumping into perpetural development? It used to be, that a game was released, 1-2 DLC might be added, and that's it.
But now, once a game is goated, the devs instead of making another one, just start polishing the current one for 10+ years. And somehow, it does seem to be working.
And.... I think I love this approach. It low-key allows some games to grow into giants, that would simply not be possible any other way.