When you consider that some NES and SNES games sold for $80, which is the equivalent of ~$110-$130 now, yeah, AAA games have actually become a real value.
Some will argue distribution has gotten easier and cheaper (though development on AAA titles has gotten exponentially greater), or that they'd never buy if games kept with inflation, but the simple point is that games have become significantly cheaper now than the late 80s and early 90s.
Hell, check out this issue of CGW from 1990
. Some games are $59.99, which is $116 today. Most are more $39.99 or $49.99, which is $75 and $96 today. Older games are regularly $33, which is $61 today.
There's an online game, playable via email, on page 61, which charged $3 per turn. PER TURN! I get that playable via email was mind-blowing back then, but $3 per turn. That's $6 now. How much would Civ cost you if you had to pay $6 per turn?
This October 1997
one is fun, too. An ad for Interstate 77, which I don't think ever came out, for $47, or $72 today. Microprose's Magic: The Gathering, then 6 months old, was $51, or $78. Unreal is a $60 preorder, or $92.
We're definitely paying way less. People will also argue they're getting less out of the games, and I'm not certain that isn't rose-colored glasses from people who are no longer the target audience.