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Is there an indie games bubble?
(roadmapmag.com)
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No. There will always be a demand for new videogames and indie studios make the best ones.
If anything the AAA bubble is bursting right now.
The AAA bubble burst a while ago. Complete AAA games rarely release anymore because studios keep trying to push the boundary on scope and size instead of focusing on quality.
The limited size of indie games means they'll always have the capability to ship complete. They don't always because the teams are much smaller and less experienced, but I've always found more enjoyment out of a passionate indie game than a corporatized AAA.