It depends I find. Like, some games do have 200hrs of content, but what exactly is that content? In open world games it's usually 'collect 2000 items' for no reason and is just pointless and boring - not something I would ever do either. Shorter games that have new game+ where you can replay the game with unlimited ammo, extra items, secrets or harder difficulties tend to be far more rewarding.
I think if the games are shorter, they would probably drop the price back down too. The older games would re-use the art, animations etc for the sequels too and add new moves/skills etc whilst tweaking the games. That's how they could get more games and sequels out compared to nowadays.
Sega still do this funnily enough with the Yakuza/Like a Dragon games.