This is my occom's razor explaination:

Around 2017, the video gaming industry hit a major milestone of becoming a hundred billion dollar industry. That caused businesses to flood themselves with MBAs and finance bros. To the best of my knowledge, this is usually a bad move as a big influx of MBAs into an organization is usually a net negative. Research I'm aware of shows productivity goes down, employee pay goes down, and usually stock prices grow at a similar rate than before.

However, along with everything else, it is also pretty well documented that an influx of MBAs into a business drops employee retention, and that the peak of that drop is 3-5 years. In something like the gaming industry, the brain drain of talent into adjacent industries like traditional software development, film, and advertising hits hard. There is a lot of tribal knowledge inside of individual studios that gets lost quickly with just a few layoffs and transfers.

Therefore, I think we are experiencing the down wind effects of the industry performing well, attracting MBAs, MBAs driving off talent, and tribal knowledge being lost at many companies in the game development industry.