This view seems clearly irrational to me.
Let's take it outside the world games and consider music, just so we can get an outsider's perspective. Let's imagine a record company tries to sell you a new CD for 20 dollars, and their justification for the high price is "well it cost us tons of money to produce this artist."
Your answer would be: "who cares?" Why should I care how much it cost you to make it? The question, from my perspective, is how much enjoyment I will get from listening to it.
Similarly, let's imagine we look at a game like, I don't know,
Stranglehold
insisted on a 60 dollar price point not because it was good, but because it cost so darn much to make. Why would that be reasonable? The question should be how fun I find the game, not how much a company paid to make it.