Well there are a lot of arcade games that come out too, they know they don't have a big budget, so the y make goofy and or fun gameplay instead of trying to go all out with graphics.
Yeah I agree sort of, graphics are taking a lot of the game companies money. However games can't focus solely on graphics to be successful. Look at the new ryse son of rome. It was raised for it's visual graphics and beauty. However it had repetitive gameplay which made the game have a rating of 6. 60% or 3 and a half out of 5 stars. Yes the graphics were beautiful but that's not why people want a game.
Yes though some people tend not to buy games because the graphics aren't good enough for them. I think that for me, there is a certain standard for graphics that i like, to play video games. those graphics came into view on the xbox 360, and pc, and ps3. Now that they continue improving I don't care if they look like they were released for xbox 360 launch. Those graphics are good enough for me if the game is good!
That is just if I am taking the game seriously though. seriously meaning buying it brand new, and playing it in awe)
I have plenty of games that i call gameplay games, because I play them purely for the gameplay. The graphics are terrible but that's not why I play those games. They are really fun to play (not saying that the other games aren't fun to play. If they weren't I wouldn't play them) I mostly take games seriously when they have a good story regardless of graphics. Knights of the old republic was my most favorite game ever and it remains that way. The graphics were good for their time, but compared to now they suck! But that doesn't stop it from being my favorite game. I've gone back and played it all the way through at least 7 times.
I don't know i'm kind of contradicting myself here.
To sum up, yes I think that they should focus on gameplay and story more than graphics. But I also think that after you focus on gameplay and story, there is nothing left to do besides doing the graphics. It is possible to have great graphics, a good story, and great gameplay. Those are the games that do the best. Like GTA V to name a more recent game. They focused a lot on building the world and making it very lively and filled with many very small things (like web pages) that made up the entire world. But that didn't stop them from making the graphics look good.
I don't think anyone should buy games because their graphics look good. But if it looks like a fun game with a good story than having better graphics just improves the overall item even more
Story>Gameplay>amount of content>Graphics