I peg this on Minimum Wage.
It’s great that the well-paid gamers have their options of exciting, linear singleplayer games. Realistically, if we want AAA gaming to be defined by that, it needs to be profitable enough, which means people buying those games on release consistently, and even maybe accepting the $70 price tags.
Some people do so - but many others are only buying one or two games a year due to shrinking personal budget. And those games need to fill the hundreds of spare hours they’ll have during that year.
The situation could be reversed if more people had a generously-sized personal budget; if they weren’t fearful of managing their rent each month, or debating whether to save a few pennies from their paycheck for retirement. $40 or even $70 for the hot new 10-hour singleplayer game of the month shouldn’t be a lot in the grand scheme of things, but it’s everything in a world with so much income disparity.