In my opinion the reason is more economic. Games are not the only thing stuck at a price point the past few years.
The average household income has been stuck in place since 2003 which was a small gain only between 90's-03.
If you take into account the bottom 4 lines in the graph is the majority of the video game consumer by far.
You can then understand why users are reluctant to pay more.
Consider also in 1990 games were 30$ and 40$. By 2000 50$, and in 2005 (because of a small gain) around 60$.
If we could see a gain like we did between 90-03, you would find the consumer willing to pay more with more in their
pocket.
Micro transactions in a small form factor amount (2 or 3 at most per game) bother only a slight few.
But large costly chunks, or never ending (nickel and dime) transactions turned players and parents alike off BIG time. To the point of either avoiding these game all together, or playing them and not purchasing the extra content.
The entire ordeal has left a bad taste. And once the system switches over from owning content too only renting it off of a streaming server, you'll see another big backlash/pushback from the consumer.
We'll either have another large wave of pirating, or users may even walk away altogether in search of new forms of entertainment.