it's multiple orders of magnitude more people required to make them.

That's something that seems to eat up AAA games, each person they add adds less of a person due to communication effects and inefficiencies. That and massive amounts of created artwork/images/stories.

There are a lot of indie game studios that make games much more complicated than what was in the 90s, and have a lot less people than AAA teams.

And ya, tons of memory has unlocked tons of capability.