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.
I think you are conflating two different issues:
1. What a consumer is willing to pay (i.e. the value of the item to the consumer).
2. What a consumer thinks something ought to cost.
The question that is the subject of this thread is #2. However many of your arguments in this thread, such as those about marginal utility, are only related to #1.
Say I think a game should cost $40, and its perceived value to me is $10 (maybe I dislike the genre).
You could argue to me that the game has a lot of elements in it that I would likely enjoy. This would raise the perceived value, but would not affect how much I think it should cost.
On the other hand, you could tell me that the game had a particularly large development team and long development cycle. That might raise the amount I think the game should cost, but not increase its perceived value to me.
What people think something ought to cost generally is more likely to be based on what they think the thing costs to produce + a reasonable profit margin. I think people only rarely base it on the value of the item to them, and typically only when they have no idea of what the production costs are.
People only buy things whenever they think the cost is lower than the value. However they only feel like they got a 'good deal' when they buy something at a price that is lower than what they think it ought to cost.
The two things are somewhat independent, but not completely. For instance, if I felt like something was significantly overpriced and I was getting ripped off on a deal, that would cause me negative feelings, which would actually reduce the perceived value of the item (since it now comes with those negative feelings).