There have been many games giving you far more content for the same amount of money. And the amount of work to create the same amount of content had increased,

There have been many games giving you far more content for the same amount of money. And the amount of work to create the same amount of content had increased, the level of detail is far higher. Some examples I have played include GTA V, Doom/Doom Eternal, Dirt Rally, Fallout 4, Red Dead Redemption 2, and the Uncharted series. There are lots of games that have far more content and detail then their predecessors, and still sell for $60. Some of those games have additional monetization (ex. GTA online, Fallout 76), but I think if you just buy the game you still get a lot more than before.