I don't think the camera industry is dead.
It is very much alive, and is now a ubiquitous technology entrenched within every device held by anyone 12 years and up. The technology has grown and expanded and simplified what used to be a complicated process into something that requires 1 button press - it has also made affordable what used to be equipment only professionals can afford.
What is dying, and is in desperate need of a new direction, is professional photography. And by professional photography, i don't mean people who are good at taking images - because there are a lot of kids with iPhones doing better work than professional photographers.
What i mean by professional photography is people who actually do photography for a living. The barrier to entry (Cost/skill/investment) has lowered to the point that anyone who can press a button can take an image, and that means, people with better imagination than me who in the past still needed to make a skill or cost investment, can today make a better photographer than I am without having to learn anything. Case in point, your son who did not understand DOF when you tried to explain it to him.
Photography is here to stay, and the camera industry as well. It will just look different.
PS : I also blame YouTube photographers who a few years ago helped slow kill DSLR by promoting cheaper, lesser technology for convenience and company support. Mirrorless is the new professional photography tool! Well, here we are. Now phone cameras are the new professional photography tools.
That said, for us hobby photographers - none of this matters. I just want the new K1iii pentax - and who cares if the neighbours kid can take pictures better than me.