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It's because multiplayer is so up at the moment, which adds alot of value.
I don't play a lot of multiplayer, but I don't mind shelling out 60 bucks for a good game.
I usually think of i this way:
I don't mind paying 60 bucks for something that I can play for all eternity, if I want to. By comparison, I don't mind paying a 7th or 8th of that price to go see a movie. But if I want to see it again, I have to pay again. And if you hold the two up against eachother, the price pr. hour is about the same.