Definitely. This complexity creep is very visible with certain franchises which churned out a new game steadily every 3-4 years but not a peep for 10+ years now. (Elder Scrolls, Grand Theft Auto etc)
Said franchises - well, mainly GTA and now D4 - also are a live service though, in that they have recurring income from in-game purchases - in the case of GTA 5, it paid off to spend hundreds of millions on development, given it's earned the company billions ($6bn according to wikipedia).
Elder Scrolls kinda falls under that umbrella, given that Elder Scrolls Online is a subscription-based MMO that I believe is still receiving content updates. Unfortunately that's probably a lot more profitable and safe than developing a new single-player game that has to surpass the bar set by previous games.
