The cycle is always the same.
It begins with a talented individual (or a few individuals) who have played tons of games, and they have a strong vision and motivation. Most of the times, it does not work, but sometimes they have that magic touch - and put together something everyone loves and want to play (MOO2, Dungeon Keeper, Dune 2) - genre defining stuff people try to imitate for years to come.
Success brings money, and the stench of money brings another kind of people - suits who care for everything the original creators mostly don't - like money, flashy signs of wealth and status, their oversized ego, etc. What they lack in skill, they make up in ambition - and while the others care about making games, these people attend meetings, make themselves visible, speak and take credit - and eventually, they take over.
And because their forte is imitation, they start to churn out pretty cookie cutter copies of successful games - which is exactly the path to failure. Doom clone is not doom - the imitation always leaves bitter aftertaste, because the gamer feels cheated in the end (and rightly so).
But the good name of the company is usually sufficient to support these leeches for a few years - and when the company collapses, they move on to destroy another - after all, they have valuable experience, right?
Everything that turns into "business" ends up with churning bland, unsatisfying, tasteless imitations - it's true about food, films, books, and of course also about games.
Meanwhile, the original creators have left the company, starting new good projects, retired, or have been succeeded by a new generation of people with fresh ideas (Minecraft - it's ultimately a bad game, but brilliant idea).
... and the cycle can start again.