We're rising again. We're just building VR software instead of mobile games.
VR is primed to be a game tech. You can maybe do some interesting stuff now, when the only hardware out there is a few hundred thousand dev-kits. But if the Oculus launch goes okay, the production values needed to compete will very quickly take it out of one-person territory.
Of course, there are always new tech. But for every platform that turns into money, there are many that are dead ends. Many single person devs who crash and burn because they are early to a party that never starts. I developed WAP games. I know this :)