It's definitely a problem. Back in the early days of the hobby, almost every gamer seemed to be familiar with the classics of literary fantasy and science fiction. Even if they hadn't read all of these works personally, they had at least some knowledge of what they were about. I know a number of gamers (myself included) who took Appendix N in the 1st edition DMG as a personal challenge and set about tracking down every single book and author that Gygax listed as an influence. And the equivalent list of science fiction authors in the Star Frontiers rulebook was also a formative influence for many of us. And the bibliography at the back of the Runequest rulebook introduced many bemused teenagers to authentic medieval literature in the form of the Icelandic family sagas and Le Morte d'Arthur. (I've still got my 1980 RQ rulebook sitting next to me right now...lol). But there was definitely a strong bookish strand to the hobby in those early days.
This seems to have vanished as fantasy has become more accessible to the general public through movies, television, comics, computer games, et al. Most of these derivative works draw upon the classics in increasingly diluted form. Sadly, we've reached the point where adaptations of genuine works of literary fantasy - such as the HBO version of Game of Thrones - seem startlingly bold and vivid to members of the public whose only previous exposure to fantasy literature was some inspid knock-off of Tolkien or Robert E. Howard. Nothing in the works of George R.R. Martin is amazingly original to people who are familiar with classic fantasy or historical novels, but it seems original to people who simply don't read that kind of literature (or any literature at all). Incidentally, I don't mean to put George R.R. Martin's achievement down at all - he's a very good writer whose been winning awards for his science fiction and fantasy works since the mid-1970s - but the kind of attention that the TV adaptation of his novels has been getting is very revealing about the expectations that the general public has towards fantasy fiction. They expect something that is safe and sanitised and packaged as a commodity - and and are genuinely surprised when they get slapped in the face by a work that's raw and brutal (without descending into self-parody).
I dunno what the answer is, but I still love reading as was delighted to see a list of recommended reading at the back of RQ6. It is my hope that some impressionable kid somewhere out there will stumble across that list and decide to track down a few of the books that they aren't familiar with. Unfortunately, I fear that the only people who read RPG rulebooks nowadays are fellow grognards.
Now all of you kids can go and get off of my lawn....