Tbh, I think the issue is that old RPG designers understood players have very different values and goals, hell they even wrote some academic articles on it:
https://en.wikipedia.org/wiki/Bartle_taxonomy_of_player_type...
The devs of today played the games of yesterday, and felt that the game catered to them, and then sought out making a game like that, but they didn't put in the effort or consideration to appeal to other kinds of players.
And turns out there's economics involved - while people playing shooters want to shoot people in general, RPG players are a diverse bunch with different needs, and if you don't scratch the itch of a certain subgroup, that's part of the audience gone.
Which results in a bomb - a game made for 20% of the playerbase will sell 20% of the copies, and will be a flop.
A game that tries to appeal to 100% of people will, at best, be a lowest-common-denominator mess, and very likely manage to turn off everyone because it includes something that they actively don't want in their game.
A game that targets a specific niche while not caring about others does not have that problem. Because the target audience is smaller, it can't support enormous budgets, but enormous budgets don't usually mean the difference between a good and bad game. And a game targeting a niche takes less money to develop, anyway.
I'm not certain if that's time/budget versus "simplifying the game for everyone".
It's easier to balance a game with 10 "sets" of armor + weapon - as opposed to having a myriad options of armor per body part and weapon combos/etc. DA:VG was the most beautiful but shallow Dragon Age game.