I have pessimistic and optimistic thoughts.

I think that going forward, western game companies will stop focusing on gameplay and start focusing on graphics and story. This will make the stories slightly better, but the gameplay may feel disconnected from the narrative. That's only if they start writing good stories though.

My more optimistic idea is that game companies will realise we want to play games that are actually fun - western AAA game companies will lose market-share to Japanese and Indie games, they'll start trying to copy both... and eventually they'll start making fun games again.

I don't know which one will end up happening, probably a combination of both.
I actually have hope for the Xbox series X, it looks like it might be worth whatever it is.