I don't really see how the gaming industry is in a worse state than five years ago, ten years ago or 20 years ago from our perspective as players. I would even argue that the times for us are better than ever before, because of all the possibilities we have. While there are various issues with certain publishers, types of games or mechanics no one is forcing people to buy those products.
I haven't bought a Fifa or PES game in years, because I don't think an anual stat update is worth the money. I never bothered with stuff like Ultimate Team though. I haven't bought a Football Manager games in recent years, because I think the same is true for them. I haven't bought Fallout76, because I didn't think it was worth it, when I saw the previews and I was even more convinced of not getting it after seeing the reviews and the whole shitshow after release. I haven't bought Ubisoft games like that Far Cry 5 sequel or whatever that is or the newest Ghost Recon game, because I didn't think they were worth the money. Same goes for the Battlefield or CoD games.
I have bought games like Witcher 3, RdR2, Rimworld or Prison Architect, because they seemed worth the money (and yes they were). I have been playing stuff like Papers please, Elex, Cities Skylines, Transport Fever, Pathfinder:Kingmaker or the Pillars or Eternity games. I have had fun playing them. I have been playing Borderlands 3 recently and I will continue to do so. I will play The Outer Worlds when I have a bit more time. There's loads to do and to enjoy. You only have to look and be aware. You have to inform yourself what games might be worth your money and what publishers/developers you want to support (and who is worth supporting).
There have always been certain issues in the games industry, that might have been problematic, but sooner or later they were resolved or disappeared completely. There were times when publishers treated gamers more like criminals rather than customers. Times when a strong DRM was more important than having a game working properly. Those times passed, because things changed. Other times, people just stopped buying stuff from companies that were taking the piss. The same will happen to microtransactions or loot boxes. We've seen various shitstorms over games that were riddled with them and I think publishers are becoming much more careful with what they put in their games, because they know they won't get away with overly ridiculous stuff. Some will be quicker to react than others. At the end of the day, the whole world is evolving constantly and I don't think the games industry is excluded from that. Publishers/Developers try new stuff and sometimes they go overboard. If they feel a backlash, they'll dial it back. That's how it has always been. And I think it's even more dangerous for them in times like these, because bad news travel fast on the internet and there are loads of alternatives out there. Just look at how awful Sim City 4 was and how successful Cities Skylines was in comparision. What's needed though is consumers who are aware of their power. Then again, looking at stuff like the Fifa or PES games I'm not sure people care that much about certain issues as long as they can play a new installment of their favourite franchise every year even with very few changes or additions....