It's not like you can just pull out an MMO and then get millionaire by that. Most MMO releases die within the first two years without noticable profit, as the production cost of MMOs is much higher compared to normal games. Usually, when a subscription based MMO goes F2P, that means that the majority of the developement teams moved on to other projects.
Browser games are a different story, though. The success of browser games is based on reaching an audience that was never accessable for games before: the 40+ generation. This generation got all the money. And since this generation most likely never touched any games before, they don't know about quality standards in gaming and are satisfied with games like Candy Crush Saga.
And this is what is the tragic thing about it: cheaply produced browsergames make billions of dollars easily compared to high quality games, which might also make huge profits, but are usually high risk aswell.
I think without proper "gaming education" of the 40+ generation, we won't see any change here in the future. Just save AAA game sequel releases with less and less quality and content. And that's what happened here: "It's Elder Scrolls... people will dig it, no matter how bad."
That works with normal games, but not with MMOs.
If it weren't for the booming indy scene and crowdfunding, I bet gaming would be dead in about a decade. I have all my hopes in the success of the latter. If crowdfunding fails, then dark times are going to come.