It's an interesting psychological design challenge. Games are trying to do two things simultaneously:
1. Give you a deep sense of gratification when you succeed.
2. Keep the stakes low and make the game feel safe to play.
Humans experience things in terms of contrasts, so the easiest way to ramp up the gratification on winning is to punish the player if they lose.
But what punishments are available to a game? You could imagine a game that demanded access to your bank account and withdrew cash every time you lost. Or maybe it deleted a random file off your hard disk. Playing would definitely work up a sweat and give you a profound sense of relief if you won. But it would completely undermine the sense of safety needed to make a game feel like a game and not a job or task.
Because of (2), most games can't really take much from you. The main punishments they are able to mete out are:
1. Waste your time. Give you timers or cut scenes that have to be replayed before you can jump back in.
2. Bore you by making you replay stuff you've already played.
3. Destroy virtual items. If the game randomly generates treasure, then losing it on player death can be particularly anguishing because you don't know when you'll get it back.
But, really, that all boils down to wasting your time. Because you can always get back that lost item if you grind long enough.
That means that the cost model for playing the game varies widely based on player free time. Like you, I simply no longer have a lot of free time that I'm willing to pour into games. So, while I still like them, they're effectively too expensive for me to afford.