To the OP it is a problem and PC games are not immune either. I remember reading an article which talked about how the cost of developing the "art" for games has increased exponentially with the pixel count. Now with consoles all being able to push 1080p (due to TV standard) the pixel count isn't going higher but the graphical capabilities are still expanding so that "art" development cost is still exploding.
To be honest, for games early in a console life cycle, the big developers are more interested in the graphics engine for the licensing revenue it can generate. The best ones will end up being adopted by smaller studios and will end up in dozens if not hundreds of games. That can mean revenue on a scale that makes the direct sales of the game look like chump change. Is it any wonder the graphics element is pushed so hard. You didn't buy a game, you bought a demo for their graphics engine.
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