Collapses are rare indeed, but they do happen. Cf . the collapse of the Italian School of Algebraic Geometry [1], the cleanup of which took all the efforts of Grothendieck et al . [1] https://en.wikipedia.org/wiki/Italian_school_of_algebraic_ge...
What collapsed were the proofs, and some if not all of the ideas survived and got painted over with the new language. Sadly algebraic geometry has this bad reputation of being obtuse and opaque, that it has become devoid of geometry. Mathematics need to be more open about ideas that are not rigorous, not just left unspoken between the experts themselves.