It's a complex topic.
In the age of bloat, ideally our games should be getting shorter and better paced. When I think of some of the best games of all time, like Resident Evil 4, they are like an injection of adrenaline straight into your veins which doesn't relent. Naturally you are going to want to come back to that repeatedly, which by itself will increase replay value. I feel like a lot of developers are harming their own game quality in pursuit of a longer How Long to Beat time, and so we end up with these middling 50 hour games when we could've had an amazing 20 hour game which we can't wait to play again.
Some games are explicitly designed to be replayed, like shmups, but I don't think it necessarily needs to be a conscious decision by developers. Just focus on making a really good game first, without any shit bits, and which doesn't outstay its welcome (meeting these criteria is seemingly harder than it looks for many developers). And even if it's not conscious, include a few replay friendly quality of life features like tutorial skips, an option to skip cutscenes and dialogue fast-forwarding.