So...I'd suggest some light reading for most of the people in this thread. Specifically, most people seem to be focused on the hedonistic treadmill, where a change in the status quo will rapidly become the new normal, and this we will always be seeking to change things. It's funny that, but it's how humans mostly cope with their lives and don't go crazy when they discover themselves in a very different place.
That said, I disagree with the people who call most things crap. I don't personally like COD and the like, but they're fantastic. Graphically pretty, functionally complete, and largely stable. As someone who remembers plenty of times where a game had a cheat menu, and who watches speed runs that regularly glitch players out of level geometry, it's amazing how far we've collectively come from generic brown shooters and the like. Remember, Custer's Last Stand is a Progenitor to Crysis based upon being a shooter...so it's not hard to see how far we've come.
Instead, I believe the pessimism is that those quantum leaps in gaming are gone. Games now have an annual release schedule. It takes a decade to write a new engine, whose primary advancements are in lighting technology bringing us from 85 to 92% realistic, rather than enough pixels to go from an octagonal tube 10% to a human arm 70%. It's the law of diminishing returns, and heightened expectations.
Finally, maybe it's time to ask if anyone here is half as diverse in their pursuit of gaming as the average person is with other media. Let me elaborate. When I game there's maybe 3 genres I look at. Action/Adventure, shooter, and puzzles. When I watch movies I watch dozens (comedies, foreign films, action, etc...). I can't help but to think that part of what burns people out is that they eat a tub of frosting...forgetting that what makes frosting good is that it's a part of cake. Sometimes, too much of a good thing becomes toxic. I know that I could appreciate Terraria more after 20+ hours of Destroy All Humans...and maybe that's something we lost when each genre on steam has a thousand entries. Put more shortly, are we experiencing burn-out by having infinitely diverse options of the same thing...thereby losing our whimsy by having no limitations to our hedonism?