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Showertea said:
The same reason it's cheaper to draw a stick figure than a photorealistic painting.

Higher definition images are harder to texture. Six times as much detail means every texture on every rock, every gun, every torso has to take six times as long to make.

This right here is the primary reason game dev costs have exploded: more complex textures, more complex models, more complex animations, etc.--essentially, the artwork requirements have gone through the roof and soared up through and beyond the stratosphere and have far, far outstripped costs for programming, design, and nearly every other aspect of actual development (we won't even get into some of the more egregious marketing situations, where many games are treated like Hollywood summer tentpole pictures in their advertising outlay).