Why should I care about the size of the team or budget?
In the end it's a $60 game on the shelf, the same as other games with far larger studios and far larger budgets.
Destiny, COD, Battlefield and other shooters all are going to cost the same $60 that Titanfall will. The others have better production value and more content.
I'm not giving Respawn a free pass because they are relatively small. Not with a $60 price tag.
And when you go to a movie theater a smaller budget movie costs the same thing as a big budget action movie.
Value is subjective and always will be. Trying to put an "objective" measure on what something is worth is rather a fruitless mental exercise. Clearly the game isn't worth 60 dollars to you. At this point in my life a JRPG isn't worth 60 dollars to me even if it has 100 hours worth of content. A fighter will probably never be worth 60 dollars to me again. A 7 hour action game that is super fun without multiplayer will almost always be worth 60 bucks to me.
20 years ago I would drop 60 bucks on a home port of an arcade game that had maybe 8 fighters or 2-3 racetracks, and I found value in that. Would I do that now? Probably not. I'm skipping Ground Zeroes because I think it's a complete rip off. Mostly because I know I will play through the main scenario exactly once and then move on. If I was a die-hard fan of MGS and would replay the game again and again it might have 40 dollars worth of value for me.
A game is worth whatever value you put on it, same as anything else.
For me, Titanfall is worth 60 bucks. I enjoyed the beta, 14 maps and multiple game modes will most likely keep me playing for the next 6-12 months. I mean, I payed 110 dollars for BF4 and I skipped the single player entirely (ok, to be fair, I played the first and second mission 2-3 times and then it deleted my save file every time and I gave up on it - but it wasn't particularly good).
I look at value as a proposition of how much entertainment I will derive from a thing. That could mean a long single player game, a multiplayer game with strong replayability or a short game that is super memorable. Each is taken on a case by case basis.
Trying to come up with a formula for what a game is worth seems a futile effort since you can't answer it for anyone but yourself.