Do you mean the title "Apparently investment in gaming sector is a bubble about to pop" as in general or by massive corpos like Blackrock?
As for the state of things it looks to me like this:
Investment is receding to pre-covid levels
Absolutely nothing wrong about that. It is happening everywhere and any company that thinks they are able to keep their covid performance going is delusional.
Blackrock and Vanguard are pulling off ESG
Larry Fink is tired of being in the eye of the storm between far left and far right about the ESG model
ESG works in general do worse and worse by every month and it's not because two minor groups are fighting, but because it starts to impact the normies. A bunch of movies and games were loosing up to 3-digit millions, but they continued doing it. Now I don't know how much ESG paid, but it had to be enough to offset the losses to some degree.
There was a time in India (I think) where they had too many invasive snakes. So they paid for every snake that was killed. After a while the people sat down though and instead of killing the ones roaming around, they started to breed them. Which in turn made them more money, but also made the problem worse.
ESG has a similar issue and I can see that the ones behind it started to notice, how they are loosing money to people who play the system. E.g. As a large developer I can now shit out a game in 1 year, with tons of bugs and know that as long as I implement ESG I will get paid handsomely.
The industry is laying off people because the cuts in investment
Lay offs have been happening for a while. One reason is the big money you can make in the mobile hypercasual market. You don't need 300+ employees to make that. In some cases you don't need employees at all. You can just outsource it / reskin another game (the Diablo mobile game). Then you also have a bunch of people that were hired to either tick of check-marks, or to prevent other companies from hiring them (see Facebook for a great example. They have/had 1000s of people hired just to prevent the competition from hiring them).
Also post covid many noticed, that it makes no sense to work in an office, wast time on the commute, lunch, breaks, etc. Now you have a bunch of disgruntled employees that you can either give in to (relinquish control) or you lay them off.
We are also seeing lots of push back among the community, being tired of the ESG checklist in videogames
As mentioned above, not even the community, but the larger populace at hand. Now normies are even getting tired of haivng thing like "Strong independent Latinx Trans-Woman of Color" shoved down their throat. Especially when it comes down to their kids. When normies want a movie or game for their kid, then they want it to be sanitized to hell and back. They don't want swearing, blood, drugs, etc. and they sure also don't want political messages.
All the people involved in ESG and benefiting from it might as well end themselves. The comic industry is in shreds and ESG only tried to make this happen to the Media industry as a whole.
A tape worm can be beneficial, but like any parasite it kills the host in the end.
All this being said. I don't think that "the bubble will pop". Large corpos are struggling, but the indie / small corpo market is exploding. I mean look at some of the most popular things in recent years: FNAF, The Backrooms, Amazing Digital Circus, Rich Men North Of Richmond, etc. They blow anything out of the water and have been made by 1 to 20 people max!