Certain US devs are going amazing numbers, but there are a lot of others that are struggling. I mean isn't even EA tanking?
When you've worked so hard to destroy any semblance of a middle ground and depend on nothing but costly AAA experiences (not just publishers but platform holders) - maybe a possible crash is a good thing? The indie scene is filling in the blanks right now for what should be a "middle" market in gaming for me but even the big guys don't seem to understand what they're doing with anything outside of their big name releases.
Why was Puppeteer released at retail for $40? That had small PSN game written all over it. It was a niche title from the get-go but Sony had the bright idea to make it a full on retail game. Dumb and its a solid fun little platformer, too. That's just one example but you see it throughout the industry.
Hardware sales being up is nice but they aren't an indicator of the overall health of the industry long term. 7 years of pent up demand for a new generation of consoles is fueling a lot of the success of the PS4 and Xbox One which is great! I love seeing it but software sales declining is a concerning trend and until we see a real shift in pricing structure ($60 games need to die) I think it's a trend that will continue. Very few are willing to take chances on a $60 game for better or worse. It's why the NPD is full of the usual suspects year in and year out, IMO.