But they are done. Unity3d cost 0$ to $1500 to use ; UDK costs nothing to use (unless you make a really good title and sell a lot of it). You don't need to spend a lot for an engine; it costs far less to license a AAA engine than to create one [usually]. Carmack used to charge $250,000 to use Id-tech and that came with a free day of questions and answers with him.
I've done both. For one thing you can make up a lot of time on the animation side for doing it in 3D, even if the plan were to do a sprite based game ~~Fallout was done with Lightwave 3D; even the clay models of the heads were converted to polygon meshes to animate/lipsync them.
You can buy a library for most of it; they even sell audio software designed for use in creating sound effects. Paying a 100 piece orchestra is a choice; if you have the money to take that strategic risk then fine, but it's not really a requirement. I have played games where the cheaper music was simply better music.
**Edit: Here is one of them ...
http://www.grimrock.net/2012/02/03/creating-legendary-music-for-grimrock/
http://www.youtube.com/watch?v=MQ5bp6tGMj4
** Here is another:
http://www.youtube.com/watch?v=88SG8DruyEk
http://www.youtube.com/watch?v=DQeJzcqfGQI
Games these days don't need them either ; unless the developer wants it so ~~but it was the same back then... In fact I would appreciate an example of why you think a good writer was 'obsolete' back then.
Games of the era didn't have the 'jaw dropping' visuals to sell them ~this is relative of course; jaws don't drop for what they used to, but even so, the games cost the same back then, and there had to be value put in it to be able to sell it; but that didn't stop a lot of garbage games from making it to market... Word of mouth on a lemon title didn't spread so fast as it does today. (But today we have 'review embargoes'. )
If you made it with modern tech as you say, then why would you have to 'do a lot more work to make it look good' ~modern [game] tech has mostly evolved to improve the appearance of games. If anything they have it easier today
*... The guys that did the original TRON movie effects had to plot sine-waves by hand [initially] to get the lightcycles to move in curved paths; These days you can use automated curve tools and the modeler even handles banking and facing the model.
* Easier aside from the amount of assets required; but for someone wishing not to spend a outrageous fortune... It's very possible to buy stock assets and modify them to suit ~if they even need to be.
The exceptions prove the rule; the fact that they exist profitably (regardless of their number) proves that games don't need a $50 to $100 million dollar budget ~unless they want to spend that much.
IMO it is a kind of sloth to decide to manipulate a product to sell to the widest possible market in one shot ~ at the expense of the product's integrity. One (hypothetical) group is looking for the best possible shooter game, and the other is looking for the best possible adventure game...
Spoiler There is also the third group that is looking for the best possible series game; a sequel to live up to the name.
I'd think it possible for a professional game studio to run two smaller teams to make separate games and satisfy both markets; and IMO is more desirable than to run both teams on the same title and compromise where the gameplay needs are mutually exclusive to one style or the other. That design ethos is how we get games that are made
tolerable enough for both groups, rather than exceptional in the eyes of either.
He doesn't have if he doesn't want too ~~but that is a choice; he wants to spend money on.