It's the same nostalgic bullshit I hear all the time.
As a few thankfully mentioned, inflation is playing a huge role here. Games are much cheaper nowadays. Publishers could have easily raised the game prices by $10 this gen (which they did during the 7th gen) to make up for the loss of money value that occured during the last 10 years.
The other thing is that the games used to have more meat to it.
In reality, either they didn't or if they did, they accomplished that due to bad game design.
Games were a lot more simple back then so it was much easier to create longer or more levels as minimum effort was needed to create them. For example look at Halo. It was an excellent game for sure and the wide areas were amazing but it had a lot of very very similar looking corridors as well. By removing or shortening those sections, the game could've been shorter by an hour or two without losing anything worthwhile.
The other thing is backtracking. It was very commonly used in the 6th gen and obviously artificially lengthens the game without adding anything to it.
But those are things many like to forget when they remember the games of the past.
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