Sure, if you stick to AAA. That's its own punishment anymore.

So… a single entity that became a scapegoat due to it coinciding with numerous long-festering problems finally hitting a tipping point.

The 1983 crash happened because of chronic overestimations of market demand, resulting in an increasingly insurmountable surplus building up, combined with the emergence of personal computers and consumer fatigue from not only a lack of differentiation between competitors, but also poor quality control.

Likewise, the current crash is happening because of AAA developers constantly biting off more than they can chew in terms of the size and scope of their games, wearing themselves thin trying to meet a bar that's always slightly too high for them to reach. The result, again, is marked by declining quality control (i.e. games launching in visibly unfinished states) and consequent consumer fatigue, with indie titles emerging as a viable alternative comparable to the role that PCs played in the early '80s.

The 1983 crash would've happened without E.T., and this crash would've happened without Sweet Baby Inc. The roots of these kinds of phenomena are so deep and expansive that you can't blame them on a single party.