In their defense, games have gotten an incredible amount larger and more complicated without adjusting the price of the games since the 90's. We're effectively paying half the price we would have in the 90's due to inflation.
I don't know that people would buy them at inflation-adjusted prices. Adjusted from the early 90s, a game would now cost ~$120. And that's discounting the difference in development costs. The latest Call of Duty had a budget of $250M; Ocarina of Time had a budget of $12M, which is ~$21M after adjusting for inflation.
I don't love the direction either, but they have to make money somewhere.