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It's more an issue with increased expectations. For example rollback netcode is now expected in fighting games and implementing that will lengthen development time though that's completely worth it due to the benefits it brings. Features like that that are taken for granted now all add up to making big games take longer to make than before.

If anything hardware getting more powerful will help reduce development times going forward with increased assistance from AI and eventually games with photorealistic graphics becoming easy enough for even tiny indie teams to create.