The only new IPs I actually saw since 2017 seems to be indie games and Smartphone Gacha games. Not even the medium-sized companies are doing it.
Seems like creativity of man has hit its roadblock and they're now switching into destruction instead of creation.
One of the rumors I read about a few years ago (maybe as back as 2012) was that after certain corporate acquisition, changes in management, a lot of the talent left companies (Sony, etc.) to go work for indies or they started their own indie gaming company.