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If there´s going to be a videogame crash it`s going to be on the mobile side.
If i recall correctly the biggest cause for the videogame crash was not because everyone bet on the same horse, but because everyone made a ton of bad games and the good ones got lost in the middle.

Bubbles bursting has been happening since NES. Once in a while a genre becomes the popular genre, replacing the old popular genre. It`s nothing new.

Of course, there are other reasons can cause a sharper decline in HA and SW sales, like both HA and SW raising prices once more. Consoles at 400+ and games over 80$/€ at the same time. That`s bound to make a hit a lot bigger than the FPS bubble bursting.