I think people overthink "crash", crash is just a large reduction in value. It's not saying rare games will go to zero or be worth $5 but rather a $600 panzer dragoon saga goes to $400 or something similar. No crash has completely wiped all value for something that has built up over time, and I don't know why people always assume that's what a crash is.
Collectible comics aren't worth $0 or worthless, same with baseball cards, same with x, etc.
While correct... Games have an interesting property that if company's actually try to make VC more public friendly and put up large collections I would argue there should be a steep reduction in prices, irrespective if the quantity is decreasing. I think we saw a lot of that with PS1 games where some of the square games and such were going for relatively high amounts, especially "black label" editions and they have normalized a lot since some of them went on PSN. I'm sort of shocked Earthbound is still flying high when now you can purchase and play it for $10, I think as time goes on there will always be a niche but if they become more available that we won't see SNES games go to $500 or something. Especially some of the ones now that were just terrible games that no one cared about and are now crazy relative to what they are.
That's where I still disagree and what I was trying to convey. The actual collectible items that were actually collectible, did not reduce in value and have continued to increase in value. My comics from the 60's-70's have not lost value and are worth considerably more today. The reductions were not across the board and were certainly not lasting. Panzer Dragoon Saga is a tough example to use too, for a variety of reasons. No one can be sure of what the future brings, but that game has everything going for it to not lose value. It's rarish, it's good and it has never been offered elsewhere. Digital availability and re-releases hasn't been shown to be some great driving factor either (as you've pointed out). Whether that be in games or comics. Comics are collected and sold digitally or in bound collections, yet that doesn't drive down the original's values. You don't see that a lot with games either.
I think the biggest disconnect in these conversations is the perspective difference between those that play games and those that collect them and even those that do both. Collectors don't care about digital alternatives. It's not even an issue of agreeing or understanding, it's just the way it is. Gamers can think collectors are insane, collectors can think gamers just don't understand.
Again, I agree with you, that it's entirely plausible to see a reduction in the trend, I just don't agree that you'd see a reduction across the board. I personally think some games will always be desirable and can certainly increase in price, unless there is a large exodus of collectors and said collectors suddenly drop everything they own. I don't think that resellers hoarding stock are the majority, I think they're feeding a very real demand from collectors.