Back in the 80’s, video games costed way more money to produce in the first place. You didn’t have discs or cartridges, each game was effectively its own computer with a battery you had to take care of.
Once the PS1 and N64 came out, manufacturing costs dropped, and therefore so did the price.
Today, we live in a mostly digital marketplace. So manufacturing costs have dropped even lower since there’s not much to manufacture to begin with. Yet the price is still going up. Not to mention everything else mentioned in the meme.