Prices are largely in line with historical prices, after inflation. $70 today is worth about the same as $50 in 2011. IIRC, new releases were often $60 back then, so new games may actually be cheaper today than ever.

That doesn't make it any better though. I'm patient because games don't release in a solid state these days, and by the time they're properly patched, they're on a solid discount. I'm not paying $70 to be a beta tester, I'd rather pay <$50 for a solid, patched game, even better if it's less.