Not entirely; books would still be written, that's for certain. Except, the books that are written with no expectation of money whatsoever or as a personal project are either statements for political reasons, or often not worth reading. Most of the popular books and series are written by career authors. Would anyone be a career author if it didn't pay? I don't think anyone tries to be an author for riches, but if it can't pay for food you can hardly do that for a living.

It seems like you presume all the authors will simply continue to write out of passion for writing. Some will, but I feel that's an incredibly narrow-minded and self-interested view.