In an ideal world, it would. I can only imagine how much The Force Unleashed 2 would cost when you finish it under 6 or 7 hours with ease.
If it were like that, it would help the gaming economy quite a bit. I only would have paid 20-30 bucks maybe less for Revelations, but a lot more for Skyrim. Ubi has become greedy, but this isn't about them! Making content = price would help the economy in more ways than one IMO.
Good old days? From who?
Morrowind. Some glitch patches. Tribunal expansion [$29.95 at release, iirc]. Some glitch patches. Bloodmoon expansion [$29.95 at release, iirc.]
I might not be understanding what you mean, but I don't remember any "content" patches in the "good old days", of Morrowind, at least. A few of the devs made plugins for fun, because they wanted to, but there were no content patches that I can recall.
CD Projekt red, The Witcher 2, their expansions/DLCs are completely free. I love that about them.