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PS Plus price hike: We'll all pay for a subscription-based future | Opinion
(www.gamesindustry.biz)
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Also anecdotally parts seem to be lasting much longer than they used to. Maybe I'm just playing fewer games, maybe I care about graphics less, or maybe there actually is a technical reason but in the early 00s when I first started building computers I was essentially forced to upgrade about every 2 or 3 years but now I'm still running on my 7 year old desktop with a 1070 -- I was going to upgrade the graphics card but the crypto mining boom priced me out and lo and behold I'm still able to play whatever I want with nary a difficulty. Even Baldur's Gate 3 runs just fine, with a little chugging.
The percentage of the industry that can afford to push modern graphics to their limit has only shrunk over time as the development time required to make games that taxing has increased. That's why most of what you play isn't particularly high-spec.