No one should be happy that Microsoft and others are buying up the game studios.

Correct, and we're seeing the consequences of these buyouts occur now with Embracer imploding. Its worse because the console makers expect their first party titles to move consoles, which indies need to get into homes. When they start to fail to move units due to dwindling quality, the house of cards will collapse for them.

We're watching the 1970s video game crash in slower motion, which occurred due to an excess of lower quality, costlier projects.