There are definitely games being put on the market priced above what they should be relative to production costs.
But in all fairness, this pricing model is largely based upon the legacy of movie ticket prices, where an indie film that cost $1m USD to produce has the same $10 ticket price as the $250m USD summer blockbuster.
When it comes to the home video game market, originally (going back to the 80s), the cost to produce the game itself, a cartridge with ROMs and a circuit board, represented a not insignificant amount cost per unit. These days, optical media in a plastic box, shipped to retail represents less than 10% of the retail price of a game, regardless of how much data or how large the game is.
But, that old pricing model still largely exists by default. However, there are plenty of developers who adjust the MSRP of their product based upon the amount of resources that went into it. Smaller studio games without a huge turnaround time often clock in under the standard $60 MSRP. We see re-releases of existing games with added content for $40 or less. We see games that were originally distributed exclusively through DD in retail packaging below $40, etc. etc.
If any of the above are priced at the same $60 as say something like Infamous Second Son, it's really up to the consumer to decide whether they're going to pay $60 for a game that took maybe a quarter of the man hours to produce for the same $60. When publishers do this, sales are often muted and distributers have to resort to discounting early. So at that point, the the consumer can pick up the same game (often from the same pressing) for considerably less.
If you can't wait, then you're saying any game is worth exactly what the publisher sets the original MSRP at.