Cheap doesn't mean minimally viable. The story which the Director was telling was able to be told in a 'present day' simple way. There's no way you can tell the story of "Star Wars" without scale models, expensive cameras, good actors, and special effects.
However, even though Primer only cost a few $K to make, there was nothing "minimal" about it. The entire story needed to be told, and the process of filmmaking already includes editing and pairing down the story. I think that the notion of thinking of products and movies as both things which have unique and compartmentalizable "features" (which lead to the notion of MVP) is a flawed analogy for this reason.
I think that we agree the process of MAKING movies is OK, but the process of distribution and consumption is what needs the change.
Oh, and these movies are awesome.