I mean, plenty indies dish out excellent gameplay. So, I rather feel like it conflicts with good graphics.
In particular, and this is an old-man-yells-at-cloud take, I do not feel like 3D graphics do us many favors for gameplay.

3D usually just means less overview what’s happening around you and more directions in which you can miss jumps/targets.
Game worlds suddenly need to look realistic, with sprawling (empty) mountains, cities and whatnot, rather than just screen-after-screen of compressed gameplay levels.
And of course, it’s also much more challenging for gamedevs to prototype in 3D, when prototyping is essential for good gameplay.