I've been playing videogames since the 80s and it's only recently that we have reached the point where innovation and risk is no longer facilitated by technology - it's encumbered by it.
People are being cheated in the current climate
While this is a popular sentiment, I'm not sure this is the reality – or a least, it's a pessimistic perspective on the reality.
As games get ever more advanced, it's to be expected that games that want to push the limits (in all ways – production values, scale, even mechanics) will usually require ever-increasing capital and team sizes to get made. As this happens, it's also to be expected that the business infrastructure required to support this development will get more rarefied and risk-averse – fewer organizations will be able to afford it, there will be an awful lot riding on each project for those that can. The downside is that we'll tend to get fewer, safer games at this technological pinnacle, but the upside is that if/when these projects succeed in the right ways, we might get games that are beyond anything we've seen before.
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other upside is that as the limits of game development technology get pushed, the range of possible projects beneath the pinnacle gets broader – games that would have required max budgets in the past can be accomplished more cheaply, and digital marketplaces help this broad range to find an audience. You can see this kind of thing happening in the PC market, it's already happening to some degree on consoles, and it will likely continue to do so in the future.
So while there are certainly downsides to progress as I've described it, it's also probably inevitable and ultimately even healthy overall.