Ignoring the lack of updates if the game is buggy, games back then were also more focused on quality and make gamers replay the game with unlockable features based on skills, not money. I can't count the number of times I played Metal Gear Solid games over and over to unlock new features playing the hardest difficulty and with handicap features, and also to find Easter eggs. Speaking of Easter eggs, you'd lose a number of hours exploring every nook and cranny finding them!
This is just nostalgia.
Case in point, you can still play all of these old games. If you are willing to pirate, you can get access to thousands of games, most you never even played before, for free. You never have to pay for another game as long as you live and a still be playing new games from this era of "better" games.
I've done this myself. Played for like a month, and then for bored. And basically noone does that. I have the Nintendo switch access to old nes games. My kids never touch it. No one can really say because there is no novelty.
You know why? Modern games are way better. This isn't to say these isn't some annoying shit that goes along with them. But the old days weren't some magical time of gaming. It seems magical because it was new, especially to the people living during that time, and simply due to nostalgia.
I know I won't be popular, but I love modern gaming. I throw a game I'm interested in in my steam wish list. I wait for it to drop to below 20 dollars, and then I buy it.
The most recent games that I've put a ton of hours into are bg3 and anno 1800. No micro transactions, unless I missed something.
I also played a ton of supercell games: coc, cr, and bs. Many entertaining hours over years. Never spent a dime. Micro transactions other people paid allowed me to play for free. How is this not amazing?
I'm open to hearing competing ideas, but if you do you disagree with me, expect me to ask why you don't do the things above, and just answer the question in your post. If that's ignored, it will just indicate to me that you realize I'm right.
What was great is that we had more free time.
I also think there's a genuine drop in satisfaction when people are presented with more options. I limit myself and only buy new-ish games when I feel like I've extracted as much enjoyment out of the last one I bought as I can. I think this helps a lot.
Because what I see a lot of people doing is jumping to the game-of-the-week and then getting numb and saying "there's no good games" even as they continue to buy new ones every week.