Is it me, or is the American game development industry not what it used to be?

I'm in my 30s, so I can remember when the majority of the big names in video games were coming out of the USA, from indies all the way to AAA, from RTSes like Starcraft to shooters like Doom to everything in between. USA (and Canada) dominated game development with Japan being the only real competitor.

Flash forward to today, and it feels like a lot has changed. Japan remains more or less in the same place it's always been, but America feels like a dim shadow. Most of the games I'm talking about with my friends are not being made in America. They're almost entirely East Asian or European. Hell, I'd say Poland and Sweden might be overtaking the USA and these are not large countries.

That doesn't mean there aren't commercially successful games out of the USA, but they all seem to be the likes of Call of Duty 26 or Madden 53. Cyberpunk 2077 or Elden Ring they are not.

EDIT: Just to give some solid numbers to the skeptics. Compare 1998 to 2024. For games developed in the USA that scored over 85 on metacritic (I'm aware metacritic is imperfect), and excluding small indie games:

1998: Half-Life, Grim Fandango, Thief: the dark project, Baldur's Gate, Railroad Tycoon II, Starcraft, Myth II, Need for Speed II, Oddworld: Abe's Odyssey, Fallout II, Turok 2, Falcon 4.0, Tom Clancy's Rainbow 6, Star Wars: Rogue Squadron.

2024: Batman Arkham Shadow

Yes, that's right. Just one title. If we expand things out a bit to metacritic 80 it's only 2 more US/Canada titles: Call of Duty: Black Ops 6, Dragon Age: Veilguard. Meanwhile Europe and Asia saw dozens of good AA and AAA releases (including Metaphor Refantazio, Satisfactory, Prince of Persia: The Lost Crown, Black Myth Wukong...). It's a pretty massive difference. There were a bunch of great indie titles out of the USA, but indies aren't going to make the next Starcraft or Half-Life.