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.
Has nothing to do with creativity and everything to do with cost. It's much cheaper to buy ready made assets and piece together your new concept as a small or even one man team. That's also why so many games end up looking the same now aka Fortnite aesthetic.