I think is quite the opposite, it’s the best time to make money from games.
But to succeed you not only need a good game, you need to be a good marketer and provide something that is interesting to the market.
The truth is that the majority of people is focused on selfish needs and that includes developers, we fall in love with our concepts and creations but if they’re not valuable to the market you won’t get any money in return.
You need to find a balance between creativity and market “wants” and that’s accomplished through massive testing.
There’s not been a better moment than now to test stuff, you can make a protoype with promotion material in a matter of weeks, share it all over the Internet and get feedback very quickly, and the cost is almost zero.
And if you can spend money advertising you can accelerate the process massively through ASO and PPC.
Yes, on average there is no much money, but that is simply because the marketplace is saturated with uninspired clones and with shameless creations using default assets.
But think about it, that is good news! because if you’re a little bit smart you can stand out very easily.