Our own marketing department made a good summary of this( I work for a AAA games company) - according to them as little as 10 years ago there was maybe a dozen big, AAA, 50h+ long releases each year. Now there’s 100+ a year and increasing. Yes your markets are bigger, but there’s more competition and fundamentally it’s still winner takes all - big names sell 20/30/40 million units, while if the game isn’t either a big well known franchise or an absolute 10/10 hit it struggles to pay for its own development cost.

And the length of games plays big part too - my wife took 100h to complete Assassin’s Creed Valhalla and there’s still tonnes to do, it just meant that she wasn’t ready to buy another big AAA game for like 3-4 months.