That would kill the video games industry almost entirely. Indie games are indie for a reason: most of them simply aren't any good, and we only hear about the very few that are. A collapse of AAA titles means that all of the consoles collapse with them, leaving gaming only on PC. Piracy makes it very difficult to make profitable games on PC anyway, and a lot of companies need consoles to survive. The Escapist user base has a lot of PC gamers, but most franchises make their money off of consoles.
Beyond that, it would destroy a generation of developers, who would have no hope of getting any funding and would go into different careers. Most indie developers work in hopes of getting a position at a major studio, because that's how to make a living in the industry. All current developers would need to find new jobs, and at the end of the crash you wouldn't have the qualified programmers and developers to succeed, let alone the infrastructure. The industry was able to survive after the last crash because gaming was far less specialized at the time, considering the technical limitations. Combine that with the years of technical stagnation resulting from no top-end developers. If you think that AAA-titles are all rehashes, which is at least a defensible position, the answer is simple: don't buy them. But if you think that some major reform would happen after a collapse, think again. Worst-case scenario is the end of the industry, and the best-case scenario is a return to what we have today, for a very simple reason: that's what people buy, and that isn't going to change.