Hey, we're not the only ones to blame here. Every single aspect of game development has become more complex and time consuming. Nowadays you have like one guy doing nothing but work on a water shader for 3 years straight, that was unheard of ten years ago.
But it might quiet down a bit because the tools required to make game assets are becomming more and more advanced and easier to use aswell. For example; today, an artist will easily spend a week laying out the UV's for a main character, and another guy 2 weeks for rigging him and preparing him for animation(a process that has to be redone for every single change in the characers design). In the future, we will have programs who will do all that automaticly in 5-10min.
I don't need a week to lay out UV's for a main next-gen character (lets say 10k polys), more like 5-8 hours, or less. Can't comment on the rigging though, as mine are only primitive ones with a single idle animation (for test purposes only).
Anyway, you'll always need artists, no matter how many processes will become automated.