What people don't understand about the point of "people are demanding more," Is that it's a point that doesn't actually start with the consumer.
The consumer isn't demanding bigger and better initially, it's the companies who tell the consumer through marketing that they can get bigger and better if they buy their product and in turn, when the next installment comes around, the consumer is demanding bigger and better because the company has created the expectation that they are owed more.
That's how this entire triple AAA industry operates. The companies create the demand, create the status quo, and use FOMO in the grossest way possible to manipulate people into these mindsets that if they don't get the latest and greatest, the bigger and better, they're missing out, so what's an extra $10 bucks if I can play the newest game? And that's the problem.
Video game companies aren't increasing the price of video games so that they can raise the wages of their workers, increase the health of their work environments, and use that money to fund innovative, long lasting titles. They want to exploit the worker and the consumer to increase profits year over year so that their stockholders get more money. So that the leadership gets more money.
And if you notice, all of these features that gaming companies are putting into their games to entice people to buy them are just novelty. They're not innovative. And that novelty is what drives people to spend their money on these games that are big and better, because its quick, easy, and in the moment very satisfying.
As a result, these games don't last as long as games that are innovative but don't look anything like these AAA titles. League of Legends, Fortnite , CSGO, World of Warcraft, Minecraft, and numerous other games that aren't graphically intensive in the slightest all have higher player counts year over year than games that get regular installments.