It's less about hardware complexity and power than about what can be and what will be achieved. The amount of art, special dev (scripts), cutscenes, phyics, network code, animation, 3d models, etc. which is the main cost will depends on that. Just the massive amount of memory allow to spend a much more massive amount of money on art and design.
If people want open rich world and studio go that way, if a studio have to do better than GTA 5 to be considered and sell like a AAA game, costs will increase a lot. If the ambition is to do a new COD in better resolution, cost could even lower. So far, studios have always been pushing each other to produce bigger games, licences and studio that didn't cope with that died. I don't think it changed so much.
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