The E.T. moment is overhyped and a US phenomenon. It never happened in Europe or Japan, for example. Everybody seems to think that the video game crash of 1983 nearly killed the video game industry and that the NES was responsible for reviving it while Europe had a vibrant home computer scene on their Commodores, BBC Micros, Sinclairs and others with games that were better than everything on the 2600.
So what you might see is a crash in certain segments of the market and that happens quite often: There is nobody really releasing new MMORPGs anymore. Single Player FPS have crashed hard and now see a small revival by indie devs. For a while nobody did classic Point'n'Click adventures.
Do you want a prediction? The current cost of graphic cards will crash the classic PC gaming market. There are some enthusiasts who are buying cards for thousands of dollars or building 4.000€ computers. But the majority of gamers will stay on their laptops or might go for cheaper devices like the SteamDeck. But if your game needs more power, needs a modern graphic card and a beefier PC, there are fewer and fewer people who can run it and many people can't afford it. So devs will target lower system specs with to reach the bigger audience