For me, the main sign of stagnation is the dumping that occurs due to the market being oversaturated with specialists. While experienced 3D artists and studios already have a developed client base, newcomers with good portfolios have to compete with them, often having to emphasize a more attractive price as their main selling point. This is neither good nor bad, but with each cycle, the situation increasingly resembles shooting oneself in the foot. Many tender departments of developers take advantage of this, exacerbating the situation with the principle of choosing creative contractors based on "whoever is cheaper, we take them". Kind of like with rebar, I guess.
Living in such an environment is quite fun, and there are only two recipes for normalizing the situation: