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Just because a company decides to let go of its gaming segment doesn't mean that suddenly the game developers will turn into architects, professional singers or cleaning ladies.

They will just form new studios, probably with the majority of the original team and then start to make games again.
Independant or not. If their games are good enough they're going to get all the money they want to make a game.

In case of Insomniac, they chose to make an FPS, whether it was Overstrike or Fuse, I don't think it would've mattered much in terms of sales. Now even if they go bankrupt, they will either join other devs and make them better or found a new development company.