Supermassive doing layoffs is somewhat surprising. Not owned by a giant megacorp looking for short-term shareholder value increases. Their games are generally via the traditional publisher route, so budgets agreed in advance and continued based on milestones. Plus the founders left last month. Don't have good answers for their layoffs.
So many businesses operate on debt and investments. "If you're going to gamble, do it with somebody else's money." A lot of opportunities to acquire funding for developing video games have just dried up.
The publishers acquire funding this same way. Sony, 2K, and Bandai Namco have all operated as the publishers for their games, and they're all publicly traded companies. They pay the upfront cost for development that both partners in that deal wish to make a return on, and right now, the publishers or other investors (which may still exist regardless of a publisher deal) are scared of throwing money at lots of game pitches these days.