A better comparison is not with the Hollywood model of today, but with the model that existed in the early days of cinema--studios "owned" actors, directors, etc. under contract so that they could only make pictures for that studio. This made a lot of money for the studios but everyone else got peanuts and had their creativity stifled, a natural oligopoly arose, and mediocrity ruled the day. The system eventually was broken up by the Supreme Court under antitrust law and the studios felt extreme competitive pressure from television, leading to the freelance system we have now where studios compete to get the best stars by sharing profit, granting creative ownership, and so forth. We wouldn't necessarily need another Supreme Court ruling or another entertainment medium to fix the video-game industry, but doing so would probably still require some sort of collective action (e.g. a general strike by top game designers and writers).