Ignoring the lack of updates if the game is buggy, games back then were also more focused on quality and make gamers replay the game with unlockable features based on skills, not money. I can't count the number of times I played Metal Gear Solid games over and over to unlock new features playing the hardest difficulty and with handicap features, and also to find Easter eggs. Speaking of Easter eggs, you'd lose a number of hours exploring every nook and cranny finding them!
Well, many old games were. Arcade games specifically were often designed to get coins from players, with extreme difficulty encouraging grinds and sweaty playthroughs to achieve mastery.
If anything, multiplayer and GaaS brought us back there.
Many new games, especially single player games, are still designed with "fun" in mind, or with even loftier goals and themes, many without exploitative gameplay loops, yet still with distinct, pleasing graphics, art styles, and polished gameplay.
I don't think anyone was talking about arcade games but I agree that they weren't excluded either. Even then, you had versions you could own that were very different.
The major labels have lost that and those that are built the way you describe are so few and far in between, they're barely worth mentioning.
Games in general used to all be like that. Now, the vast majority have to gouge as much as possible. Again, I don't agree they were better back then but its not improved in every single way either, when looking at them collectively.