I think the game industry is in a tight spot at the moment. To keep up with the worlds biggest AAA developers (and to be one) you have to pay a small army of talented people a lot of money to create something that may or may not be a hit. Arguably, this cost should probably be countered by the fact that today you have a global audience that doesn't require you to put these games on discs and ship them around the world, but with literally anyone able to release a game, there has never been so much competition either
So I think that going to $70 is a big gamble. It could turn enough people off the idea of buying the game at release (especially if its not already a huge IP) that the given studio cant feed its army and implodes. In addition, this is also contrary to the gaming-as-a-service direction that so many publishers are taking, whether we like that or not.
I'm not motivated to drop $70 (or even $60 really) on many big games these days because:
1) They are still released in crappy states - hello Cyberpunk2077, Assassins Creed whatever, etc. etc. because the goal is to make $x a pop QUICKLY, not to release quality product. I'm fundamentally against this way of business.
2) I have a HUGE library of games to play either on Gamepass, or sitting in my Stream Library untouched when I bought them on sale last year. Gamepass is around R1800 a year, basically the price of 2 new games at launch at $70 (less actually) and it gives me 300+ games, including way more than 2 day-1 releases that I've played this years so far. Apparently Sony are going to release there version of it soon because its been so successful. I recently bought 5 small/indie games for under R350 on Steams Autumn sale that I'm looking forward to playing when I can find the damn time.
3) If we're talking about big IP's a lot of their formula is not really new or mind blowing. Again Assassins Creed is great but the amount of bloat, grind, and subtle pushing to get me to pay even more money to unlock faster levelling, a seasons pass etc. is a turn-off.
So ja for $70 it needs to be amazing. It has to be a well known IP or an incredibly respected developer (are there any of those left?) and a project that's been hyped to the moon to get me to buy it on day one at full price, in the current market. And even then, I probably wont.