I'll say this. Much like the film industry, a videogame does not have to cost 1-300million bucks, to be an absolute amazing piece of entertainment. It doesn't need to cost that much to look, or play amazing, or even the scope of said game/film. The issue comes in, with budget gloss. It has become part of the marketing to lay out "*insert game/movie* cost 250 million to make! Its a triumph!"
It has become a cycle. When you do start cost cutting, gamers/movie goers think the quality has been slashed, and are less prone to buy. Its super easy to raise prices, and very difficult to lower them adage. It looks bad to the consumer.
Working within budgetary constants, will often produce amazing results, as it forces people to think outside of the box. One constant rule;
You give a creative(don't care the medium)a massive budget, they will absolutely use it, often going over. It becomes a disaster, having to increase the budget, true to the sunk cost fallacy. Sometimes you gotta cut the turd loose, making an example, and letting folks know, the budget, is the fucking budget.