One way to get out of the video-game industry funk is to recognize that players aren’t spending $70 on most games



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Pricing is dictated by what someone is willing to pay for it.
For me, $70 USD is too much for the average game that is being sold at that price tag because those types of games(AAA/AAAA) are:
Again, not all, but the average AAA slop title usually has one or more of the above points.
BUT, that doesn’t mean that Indie games at $20 USD are a “steal” or “bargain” either. There are many Indie games I bought at their launch(Silksong), but others I have waited for a decent sale.
If everyone stopped buying games at $70 USD then prices would fall and/or projects going forward would be re-evaluated to either keep costs/expectations down. But people are paying the $70 USD so that price point is here to stay.
A fifth thing for your list: formulaic and predictable af
Why are 90% of AAA games a dude with a gun? How many iterations of dude with a gun can we possibly get?