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Not sure why anyone thinks this is something new. You only need to look at Nintendo to see that it is not.

I also find it strange that so many people complain about sequels, yet a LOT of people are buying them. Something seems kind of off with that.

Honestly, people vote with their dollars, and those votes seem to favor the franchise path in a landslide victory. It certainly isn't the fault of developers, they're just producing what people want to buy. You want to look at developers who folded? I bet the majority of them produced a new IP that failed, from which they weren't able to recover. That's why smart businesses stick with successful IP.