I do think the research would still be put into graphics hardware but it would cost much more, obviously graphics hardware isn't entirely about games but also benefits other fields like the movie industry, medical science, and parallel processing.
Another good question would be -- "without gaming, do you think as much research would be put in to developing computer hardware."
Answer: NO. I don't ever want to live in that highly productive Utopian society. Though you could argue that with less people playing games, more people would be devoted to computer hardware.
Without that special something that makes computer technology accessible and actually useful to new users; whether it be games, social networking, information, communications, content, and so on; there wouldn't be a reason to use them.