There are game types that just aren't possible without massive budgets. Huge open world games in particular can't be made without a large team of content creators[1]. For games like Red Dead Redemption, Breath of the Wild, etc... there isn't anything close to comparable coming out of a small studio anytime in the near future.

Even CD Projekt Red, which is based in a low cost of living country spent $81 million developing The Witcher III. A small studio with a $2 million budget has absolutely no chance of making something that players who expect The Witcher III will think is good enough.

And as technology (and budgets) progress, gamers expect more. More art, more story, more quests. The kind of content that we are nowhere near auto-generating.

1. I shouldn't say can't be made--can't be made up to the standards players expect. No Man's Sky and other games have tried, but procedural generation just doesn't come close to matching the quality and detail of more hand crafted open worlds.