Keep in mind that the $60 pricepoint has been set in stone for many years now and doesn't take inflation into account, or the rising costs of AAA game development, so to get the same value out of a AAA title today as you did 10 years ago you'd probably have to pay $100 or so. Which is a part of why companies have turned to DLC and are pushing it so aggressively - you gotta make the money somewhere.
As far as value - that's subjective, but mostly it depends on the game. Was Skyrim worth $60 when it came out? Even if you didn't like the gameplay much (I didn't) you'd be nuts to argue that it wasn't worth it. There's simply so much work, value, and content in it that it beggars belief. On the other hand, is a AAA shooter with a linear, poorly constructed campaign with maybe 5-8 hours of content worth $60, especially if you're not planning on playing the multiplayer? For me, absolutely not, but I'm a bit of a shooter monogamist anyway, I just play Quake.
Then when you get into more fringe genres the value equation really gets weird. To get every single card in Hearthstone you're looking at $300 or so, maybe as much as $400. Is that worth it? Compared to Magic the Gathering it's far, far cheaper but compared to other games, maybe not. But collectible card games just throw our notions of value and paying to win out of the window.
And to make it even more complicated, services like Steam and Origin don't actually sell you games. They sell you a license to play a game on an account. You don't own anything. They could take your privileges away at any time. Gamers have lost the right to own games, and they didn't even notice, or maybe they were so pleased at Steam sales that they forgot they aren't actually buying a damn thing. Is a license to play a game on an account worth $60? At least on Steam, you can usually pick up a major title for a lot less.
Lastly, there's a ton of politics in gaming. Some major publishers are so terrible in how they treat their customers and developers that I just don't want to support them and give them any money. I don't really pirate games either so mostly I just ignore them, but then it leaves some pretty good games unplayed. I think Ubisoft is the biggest offender for me, but EA and Activision are pretty up there too.
I'll echo the indie game thing - there's a ton of amazing games out there that aren't worth that much. I've enjoyed the hell out of Torchlight 2 and Terraria and put quite a few hours into either. Then, there are plenty of old games that still have a ton of replay value even today. Heroes of Might and Magic 3 is still an amazing game and to this day nobody has done anything similar to it better. Yes, the graphical fidelity in indie games is often worse than AAA titles, but I'll dare anyone to take a look at Trine 2 for instance and tell me that's not a pretty game.
Personally, it just depends on how much time I think I will invest into a game. I've played Quake for years and I support QuakeLive financially even if the core game is free to play. I love what Bethesda is doing so things like Skyrim and Fallout are auto-buys for me. Fighting games are usually something I put a lot of time into, and there are a few companies out there - like Netherrealm Studios - that I want to support. And Hearthstone has recently taken up a lot of my time, so plonking down several big bills to get all the good stuff was probably worth the enjoyment. Time will tell.