Yeah, i feel the same.
If we want to classify indies into their own categories, We have
A Indies: (pick one or more) Low effort, very small budget, Jim Sterling Fodder, Shovelware, Standard Unity assets, Walking Simulators, etc. guys like Digital Homicide, Galctic Cafe (Stanley parable, sory that I lump them together
)
AA Indies: some started there, others had a Big Hit and got bigger (in Headcount or budget), One-Hit Wonders, several small Kickstarter projects, small teams with a big project, that needs funding from a publisher (Studios, that are dependent on Paradox Publishing or other midsize Publishers like Deep Silver or nordic games), guys like ReLogic (Terraria), Ageod (Dark Souls games of Grand Strategy), Colossal Order Ltd. (Cities: Skyline), etc.
AAA Indies: some indipendeant Studios with big headcounts for such studio that needs either crowdfunding other Publishers for Marketing (Paradox, Deeps Silver) or a Console exclusive deal, guys like InExile, Larian, Egosoft, Obsidian etc.
I would say, if a mass extinction happens, it willbe in the AA indie sphere. One Flop and you could lose your Publisher Funding if you aimed too high for the next game. Or Kickstarter backlash if your customers dont think you "deserve" another million funding after you go for Kickstarter for every tiny thing you do and then you have the audacity to do an early access game on the side! Or you just ask too much for your next game, or ask the same for the next game but it is too short. Or you were riding that tiny little nostalgia niche and it was satisfied with just that one game. Or your game sucked.
A indies have such a low budget and thousands of newcomers, that we dont need to "fear" their downfall.
AAA Indies could do a "dirty job" for a publisher if they are in dire needs. Yes, some could go under, but they are not in danger like AA indies.