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Bethesda (maker of the Elder Scrolls games) provides binaries of the first two games in the series, Arena and Daggerfall, for free on their website (you need to find a DOS emulator to actually run them, they recommend DOSBox). It's not quite the source, but it's enough to suggest to me that financial concerns aren't the reason they don't release the source for these old games.

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Perhaps it's internal tooling/libraries? I wouldn't be surprised if derivatives of projects from back then were used in more recent games.

That's almost definetly it. Tim Cain, the "original" developer of Fallout, talked about a lot of the features of the engine. These are things that are either in use now in the GameByro engine, currently used by The Artist Known as Black Isles, or would be valuable to current day game developers.

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