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I spent more time DMing D&D 3.5 in the past decade (yes, I still do even today) than playing "modern" games. For reference, 3.5 got out in 2003 and I probably picked it around 2005 or 2006...
When I was younger, there was never a concern about a game update shoehorning microtransactions or bald-faced gambling mechanics into something I was playing, let alone anything being designed from the ground-up to be so exploitative. FOMO pre-order bonuses weren't on the table.
Cosmetic changes, for example, typically came about as a result of either using hidden code inputs, or completing different paths/modes that may or may not've required distinct difficulty settings.
I do want to be clear here that i do not think that games with stories/characters which appeal to atypical audience demographics are in and of themselves a bad thing, and I do not think they are responsible for the diminishing value of AAA efforts.
What I do think, however, is that the top brass at major outfits have fallen into the same cynical trap as Hollywood studio executives: buying into the frankly insane belief that every release must replicate smash-hit, record-breaking successes of prior years. There does not seem to be room anymore for modest successes or niche genre offerings.
Rather, they want the ROI now, this quarter, with the funny number line ever-increasing, and the advertising/media blitz surrounding titles (which frankly do not warrant them) demanding our sole attention. We are expected to gush on social media about how much we love these releases, while simultaneously acting as a mass free-labor QA group in the same moment we're pressured to fork over more hard-earned cash for same-day DLC or what-have-you.
Conversely, indie developers and their games tend to appeal to narrowed interests, offering those niche genre experiences that are so lacking from major studios. Small-time devs made up of a handful of people, or a passion project put out by one or two individuals working in their spare time, often feature the enjoyable, non-invasive gameplay of past eras.
Keep in mind I am also not suggesting there aren't bad actors on the indie scene, either. Steam is littered with abandonware and obvious, low-effort grift, and plenty of people (myself included) have fallen prey to these types.
But as all of this relates to your inquiry, I still find plenty worth playing that's released within the past few years; some titles as recently as earlier this calendar year. Most of these have been indie efforts, however, and I've largely sworn off AAA purchases until sufficient time has passed that anthology/compilation editions are available at a steep discount, and I'm not at risk of being subject to piecemeal offerings over the course of a 'project lifetime.'
But, I'll add that I don't partake in all the culture war drama, the doomsday scenarios and such.