I'm going to make a hard claim as to why those AAA SP didn't manage to perform well: Its their own fault.
It's also true for western gaas games where we see a lot of crashes. They don't know what to do to attract and retain players. They used to, but not anymore, they chase clouds and copy-paste themselves, their agenda replaced their creativity.
Eastern devs are fine in gaas and mostly in SP, their biggest problem is that except few exception they don't really welcomed home (where it is a total gaas land)
Not the least bit surprised. I'll grant you this business is not a charity. Not one bit. Money comes in, money has to come out. But, its most importantly a creatively lead industry where visions and ideas have far deeper meaning and weight than how much some arbitrary live service generates.
No. ~Industry~ should always be money first, creativity second. And all those idiots whining "give us money and go away" should be fired and banned from industry until they know value of money.
No matter how bright and visionary creator is, it should be backed by a rigid business plan where costs, projected profits and risks properly evaluated before project starts. Business is not a gamble, though complete elimination of chances is impossible, it should be robust and healthy, all things should be economically viable for it to continue. Otherwise wide adoption of unprofitable ideas will kill companies and we will see huge industry crash as no sane person will invest in it, reducing games to a garage level.
Creativity over money is not an industry, it's amateur work. Anyone can do it any time they want. Just don't come and ask to give you money to fund your hobby, you are amateur, you do it at your own expense
Ergo, indie, A and AA will be the actual torch bearers of this industry. If that makes them of lesser importance to you then so be it.
They will generate new ideas, yes. Like always - most new born from amateur and low budget works. AAA is about quality, not some random ideas, they take working idea rough stone and make a candy of it. And it not sustainable to support random idea because it will, for sure, kill the industry.
You know what? Steam has like 20k various bug/fish/poop simulators, every one of them think that they might be the next big one. Probably less than 10 have significant success. All others are just "discarded dud idea" that would lead to huge losses if financed.
It's same as companies grow - startups with new ideas self-funded (bottom of indie), only when they get to concept stage they get seed financing (A game) and normally only when company have proven track record, clear financial result and prospects, institutional money (AAA games) came in.