Just putting my opinion out there - There are 3 types of people we generalize in the "video game industry"
Nerds - People who spend most of their time on gaming,
ex. WoW nerds who stay up all night grinding, or something to that effect.
Geeks - People who spend some time gaming, some time social networking,
ex. people who check out forums, tweet/post on games, and also play games.
Dorks - Socially awkward people, someone who is absorbed into one "universe",
ex. people who ONLY play one/two types of game like starwars games, wow, starcraft, diablo, etc. and don't differ to others.
Nerds can be dorks, nerds can be geeks, geeks can be dorks, and vice versa for all of them, just the outstanding factor determines your "main type"
Now back to the question. Games are a staple of the Nerd Culture. Nerds who play games usually play games that keep them entertained for months on end, with almost endless possibilities of what to do, like mmorpgs. As for FPS's like CoD, they are mainly instinct/connection based, where who shoots first wins. With this in mind, the average human can pick up a controller and press a trigger, where as what defines a nerd is the intellect to think about what will shoot/kill faster, and let me live at the end.
Therefor the nerd culture will always be there, where normal people don't want to spend $15/month on a game which doesn't interest them and they could be using on other things.
All it is is Capitalists wanting to make as much money as possible when spending the least amount to make it possible. Therefor by making a game which anyone can use (fps games are the main group), they make more money. And that money is why the video game industry has so much money. So in other words, nerds have not grew as much as you would think.
So IN CONCLUSION (about time), our nerd culture isn't dieing. Games like strategy games will always be included mainly in the nerd culture. However having a game which attracts people over to the nerd culture (CoD) can cause people to explore the nerd culture, as a stepping stone to other games. From there the nerd culture will grow until it becomes a socially dominant group.
PS. Nerdy cloths change over time. Glasses of today are the contacts of tomorrow. And since more normal people are joining our culture, cultural exchange happens and nerds start to wear normal peoples cloths. So the new normal might be being a nerd, who knows?
PS.S. Time for me to stop typing. I get carried away sometimes.