It still depends on what games you're referring to, you're most likely thinking about so called big budget "AAA" titles, right? Because there's a single guy behind Gratuitous Space Battles and I find that Indie game more enjoyable than Dragon Age 2. You still don't need "legions of programmers" to make good games, the living proof are Indie games (not all Indie games are good, most of them in fact are quite simple and usually boring after a short time, at least for me anyway).
Granted only a few Indie games are actually good, but still, having an army of programmers isn't necessary, even if you do have such resources and all the staff needed to create one of those "AAA" games does it make them good anyway? Well... let's define "good" for fun... that one too is subjective I guess. But look at Dragon Age 2, or Crysis 2, it must have cost them arms and legs to create those games, they have huge teams and are those games regarded as "good"? Well yes they are, by some, but of course not everyone, and that's exactly my point, because there's so much different tastes out there you don't "need" legions of programmers... still today just one guy or a group of coders/artists can do something nice, like four or five guys working at their own pace and end up with something good, it's possible today...
But I'll say this... it was definitely more common years ago, absolutely, back then even "small" studios could make their name known and it'd stick in peoples' mind (there's countless "unknown" studios back then that only created a SINGLE game and voila, they had a rocket behind them propelling them to all summits of video gaming, what about Westwood Studios, id Software, 3D Realms, Volition, heck even Valve! They all started small, but today they're regarded as the giants, well a few of them that is, such as Valve and id Software) but today most "big ones" are casting their shadow on the small bunch, it's tough to find little jewels of gaming today, I found most of the Indie games I like by mistake actually, I would search for a specific genre of game, first I would find results pointing at the big titles, then days later I'd end up in a discussion forum where some people would talk about "that game that no one heard of", and that's how I found such games, well some of them that is, not all of them, but yeah anyway, I made my points.