The problem is that a few companies don't want to use the middleware that has become standard in the industry.
When you separate the development of the game engines from the development of the games, then you can make games in reasonable time spans.
Notice how Square Enix's output has been a lot better than it was ten years ago, now that they've started to use middleware (UE4) in addition to their proprietary engines.
There are also less profits per copy sold (due to inflation) and therefore publishers want to sell more copies of a title through re-releases.
If Skyrim, for example, wasn't selling as much as it did with each new SKU, Bethesda would've had more pressure to start ESVI sooner. But instead, Skyrim was selling well so there is a negative incentive to develop ESVI because it can cannibalize sales while having development costs to meet.
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