Investment money has basically dried up. Even indies need that, unless you mean the “one person in their garage working off Patreon” type of studio. For awhile Chinese companies were holding down the fort and trying to expand in North America, but they’ve largely withdrawn that strategy and focused on domestic production. That’s why so many indie studios working on their first game shut down in the last two years.

For this to reverse itself interest rates will need to come down, but for that to happen without catastrophic inflation we would need several years of un-fucked monetary policy. So basically it’s fucked for a long time and possibly will never exist again in the way it did. This is on top of all the other issues the vfx/game industries have with crunch, chaotic management, etc.