Making games is and always has been a business.
And chasing trends has always been the goto. It just so happens that back in the day the trends were platformers and RPGs, then it became cod shooters, then lol clones, then it became mega openworlds, then it became battle royale, now it's coop shooter. Plus there's the mobile dumpster fire.
The games people who grew up in the PS1 era and before are few and far between because they aren't really profitable minus the big brands.
But even with all that in mind, there's still plenty of great games constantly coming out. Way too many for me to even keep up with.