Most definitely ! I have a friend who rents a ridiculous amount of equipment just to justify the budget he's getting from the client. He can do the same job with a GH3 but it just looks cooler having all that equipment on set. I personally have done work assisting with other videographers and the images from my consumer camera looked better than the massive rigs they were using and I can get 10 shots off by the time they adjust their lighting etc.
now imagine the VINE & youtube video star is shooting with low tier equipment, cell phones etc. and still has a bigger market than some of the pros. It kinda forces you to adjust who we consider to be a professional and by what standard do we use to judge who's a pro and who's an amateur. Amateurs push the culture & creativity forward and now thanks to the gap in technology between cell phones and cameras closing people have less of a desire to buy cameras outside of niche reasons and manufacturers find that hard to understand.
im glad this shift in culture is happening. Look how stale hollywood is getting while indie filmmakers are doing more with less. Who cares about getting your film to the big screen when all the users are on instagram or on netflix ? The camera market dying is the revolution film needed !