Almost everything is dependent on nostalgia today, on all forms of media. The reason for this is to maximize profit.
Few big companies today develop for the purpose of creating something artistic. Most will go after a sure-fire hit, and generally the easiest way to do that is to fall back on trusted IPs. The problem in the end result is that the new content often lacks soul. This has hit movies much harder than video games, but it is happening with games.
Series like Metal Gear, Resident Evil, Final Fantasy, Call of Duty, Assassin's Creed, and so on sure will offer new entries the latest graphics, but are their games truly captivating?
To me, the company that stands out as one that changes the formula and takes risks is Nintendo. While they often fall back on tested IPs, they almost always change the formula in a way that makes the games very creative and new. And then they also create many new IPs, the latest one I believe is Ring Fit Adventure.
Bolded: You got this backwards, all of those franchises are actually better at changing up the formula than Nintendo, every main Metal Gear game has added something to formula, final fantasy always changes up the battle system and as for resident evil ( cof cof.. RE4, RE5 and last but not least RE7 all would like to have a word with you.)
And Nintendo is the most risk averse gaming company out there. Look at the Wii ¿Ever wonderer why it was basically a gamecube with motion controls? If they were about the risk, the Wii would've been an HD capable console, it is not because if it had flopped, they would had made some money out of it.
Same story with the WiiU, use the Wii brand to make it sell, didn't work and dropped it faster than a red hot ball of iron on their hands.
Also, look at how they manage their IPs, they are very creative, but also super conservative.