Spider-man is the only real massive hit. The Rachet and Clank numbers have been in decline and only recovered now because of the movie. In today standards, they aren't bad, above average but they are far from being massive hits today. Sony also already owns Ratchet and Clank either way, and so the real benefit of buying them because of R&C is to grow your profit margins and to have the ability to strong arm them in making those games. Resistance, Fuse, Sunset, VR game, etc. again nothing special. They are a solid company to own and a well oiled machine that's probably way better to own than anything Microsoft bought recently but nothing really to make them worth a crazy amount more than $229M.
Rare had a very solid track record at the time, a lot of IP, great reputation and a lot of key creative people. It was at a time that they could put out a lot of content very fast and cheap too (not that it happened in hindsight). Respawn Entertainment is run by the two guys responsible for creating one of the biggest franchises of the last decade. They were also working on an online franchise (online play is very popular with Fornite, Minecraft, COD, Battlefield, LoL,Dota, PubG, GTA Online, Siege, etc. being some of the most played games ever right now) which they can monetize on top of with micro-transactions. The deal for Respawn is less than 400M for the actual company. The overall deal can go up to 450 million but it's partly based on stock they likely can't sell right away, and their actual performance. The deal is likely structured so that the founders stay motivated to stay and help make the company continue succeed for the better payout. After some acquisitions, key people have quit and start doing random passion projects with the money like what happened with Naughty Dog, Lionhead, Rare, etc.
Insomniac owns almost no IP, created one massive hit with an already established IP outside of gaming and their most successful games are single player. I think that the deal speaks for itself when you consider that they accepted the deal after releasing their most successful game ever after two decades of being adamant about being independent.