Inflation is a thing and US$ 70 [for some] games makes sense, still, since inflation is for everything in every place in the world, uh... food comes first than hobby. It's ok to have the numbers of a hobby going down. The only thing to really see is if those numbers down are mostly of it, because there's a lot to consider too
AAA games are messier than ever. Not every game needs to have 100 hours of gameplay, specially if the content is just copy paste of the same thing. The first God of War was a straight fun game from the start, and the new one is slow as shit, a lot of crying, and way over budget because "its not a game script. It's a script". Destiny was more known by people because of the biggest budget in the industry, not for the game itself... This is insane. I bet that Mario Kart 8 was way cheaper to produce than every GaaS ever put by others, and still is on the top charts 10 years after the original release. You know why? Because they know how to build a game that itself can lead a stretch
Another thing is to have a real reason to buy a new console. Sony lied from the start saying that "believe in generations" and yet didn't made a real move on it, releasing games than can be easily seen on the PS4. Microsoft is becoming a hell hole within their direction, having acquisitions, a lot of promises, making not much effort after that and cutting those off because the money didn't entered. Bitch, you're fucking your own shit
And the fans are the worst too. Sony boys are always screaming for Nintendo and Microsoft boys, even more arrogant than the company itself, but when Sony releases some of their games on PC, they're just their bitch. Microsoft boys are on the bushes nowadays because they know the best games from them are just... good, and doesn't make sense cheering for a service, because that's what the company wants to be. And Nintendo boys paying US$60 for the Princess Peach? You have to be fucking kidding me
Industry is sick, and everyone is to blame