“People” as in maybe 5% of players. Most of the money is in what is being released - live services, forever games. They’re not idiots, they have statistics and know what most players actually pay for.
The entirety of sales for Starcraft 2: Wings of Liberty, generated less money than a single mount skin in World of Warcraft.
Playtime has nothing to do with this. If I pull 800hrs in Garry’s Mod and then 10 people buy Fifa and put in 2hrs each, most of the playtime is mine in an old game. Yet I paid like $10 for it and they spent $600. It also isn’t surprising that older games have more playtime - more time for someone who is “hooked” to play something. There is only 24hrs in a day after all. Also this doesn’t count live service games seperately and games outside of steam - League of Legends comes to mind. Same for Warframe. Huge behemoths that people play for hundreds of hours and spend hundreds of dollars on.