I don't see a close equivalence with the professional market. There are some similarities (the general lack of difficulty and dumbing down, for example), but you still get stuff like Senjou no Valkyria, Operation Darkness, Far Cry 2, Vanquish and Bayonetta that move things forward. In the "indie" market, there seems to be no moving forward whatsoever.
The closest parallel I can see, is with the European (mainly British) home computer scene in the 80's and early '90s (and specifically the action genres). Countless games that are practically unplayable now -- though still better than the "indie" trash (except if my memory is being too kind on the former...)