This reminds of what happened to the comic industry in the 80s and 90s, especially post Rob Liefeld, so many comics were pretty made to look the same regardless of artist because it was just expected (grimdark, gun happy, massive muscled men and highly sexualized women and oddly a lack of actual eyes), losing much uniqueness in the process which was fuelled by the speculator boom, over-inflation of comic book prices and poor simple greed that only ended when Marvel went bankrupt and took most of the industry with it to the point the comic industry never truly recovered.
Yeah, Disney, Marvel, and now Pixar, have had a huge influence on the art world, especially in America and Europe. Additionally, since Warner dropped out and Disney basically cornered the market, the style hasn't evolved much. Aladdin is still the gold standard and it hasn't really gotten better from that point. I think the same could be said with Call of Duty and World of Warcraft. Those games have had so much influence that every game is trying mimic those beats in everything they create. You see this in stuff like Assassin's Creed, or, well, most Ubisoft products. Far Cry 2 was the only game that really deviated from that, and they have never replicated it again.
In Japan, meanwhile, I don't really know where I'd say the locus is for their game art. It's clearly heavily influenced by anime, but I have a hard time pinpointing the stuff that became what everyone else was copying. The 80s and 90s had a ton of really unique things come out from Japan and Korea, but there wasn't really a unified visual style until around the PS2 era (Grandia, Lufia, Phantasy Star, Secret of Mana, War of Genesis and Final Fantasy don't really have a lot of consistent visual threads - the concept art for each during the 90s is very different). PS2 really seems to me where things started (and I say started because it wasn't really until the PS3 era where that stuff seems to have become codified, rather than just preferential) to become very generic with regards to designs.
Soejima introduced a heavily anime-driven visual style in Persona, which had a much simpler visual style, focusing heavily on primary colors, (the protagonist is the Blue one, Mitsuru is the red one, Yukari is the pink one, etc.) rather than on silhouettes and strong lines. And this became (and still is) very much the norm for anime games. Strong colors and high contrast, but much simpler and less visually interesting designs (as others have said, probably to save time / money / rendering). You see this especially in mobile and gacha games, but also in stuff like the Fate series (Rin is the red one, Rider is purple, etc.). Put another way, the thing that's iconic about Ness from Earthbound is his shirt and hat, and even though it's also a high contrast design, it's a design with a strong silhouette, much like Mr. Saturn or Starmen.
I guess thinking about it... it might have been Pokemon? Which would sort of indicate that it was Nintendo that ultimately became the locus for game art in Japan, but the art coming out of Nintendo clearly didn't have as much of an anime style as many other studios post-N64, so it's hard for me to figure. And anime at the time (80s and 90s) also had much more human features, rather than the heavily exaggerated faces in anime or Japanese games today. Anime was more of a cross-between, rather than a direct line. It seems like video games probably didn't have the visual resources for this, so they simplified to get something that appeared expressive enough despite the low fidelity. But I guess that practice never really evolved once they had more resources, probably because it was easier / cheaper. Even so, it doesn't really excuse it. If you have the tools you should push those tools, as video games did in the past with their visuals. And while video games today push their visuals, they don't push them in the same way. It is a much more technological, rather than artistic innovation that seems to be the focus (maybe because the audiences were more interested in that then than they are now, given the broad success of very generic visual styles).
That said, I don't think the sexism and objectification ever left, rather it has just gotten worse in Asia as time has gone on. Stuff like Destiny Child, Azur Lane, and the Fate series are just... visually offensive. In the past, I might have thought they were attempting to be comical due to how ridiculous the designs are, but it's clear they want to be taken seriously. It goes beyond being bad and is just in the realm of lazy fanservice with no purpose (well, no visual or narrative purpose at least - it's just because they're trying to sell product to horny teenagers - and adults that never moved past that).