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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!
What was great is that we had more free time.
I also think there's a genuine drop in satisfaction when people are presented with more options. I limit myself and only buy new-ish games when I feel like I've extracted as much enjoyment out of the last one I bought as I can. I think this helps a lot.
Because what I see a lot of people doing is jumping to the game-of-the-week and then getting numb and saying "there's no good games" even as they continue to buy new ones every week.