I have ~6,000 titles on Steam set as 'ignored' right now, and I'm still seeing games that I'd like to try eventually. But it's just hard to advertise indie games, I imagine, due to how crowded the store is. One of my favorite indie games, Synthetik, only just recently exploded in sales after over a year of being fairly anonymous, thanks to some youtuber's video showing it off.
Before that, though, I guess sales were satisfactory for the devs (2-3 person team), enough to start working on two more games. So it does work, but boy is it stressful for indies, I'm sure.