Console games really benefited from economy of scale. The Legend of Zelda had an MSRP in 1986 of $50. That is $136 in 2022 money. You can preorder The Legend of Zelda: Tears of the Kingdom for $70, or roughly half the price.
Imagine how many more hours of labor goes into a modern game compared to a 1986 game. The 1986 game has nine people in the credits. Three people with the role "programmer". Two things kept prices in line. Reduced hardware costs, as the older carts are much more expensive. Increased sales, where more people buy the same software.