Maybe because the development budget wasn't very high and so doesn't need a high price tag to recoup costs and profit. People might perceive it as greed on Square Enix's part, since other publishers are willing to sell lower budget games (even very good ones) at lower prices. So Square Enix knows the hype and prices the game higher than they otherwise would have.
Thats my guess, I don't know the dev costs, it's clearly a lot lower than FFXV or Kingdom Hearts though and I could understand people following this line of thought, Square is a business though and its in their interest to make as much money as possible. Personally, number of gameplay hours do not translate into money well spent in my opinion and the reason I won't buy Octopath Traveller at full RRP is because I haven't been convinced yet that I will enjoy the game enough to spend that much on it.
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