The OP got old. Happens to all of us. Some accept it better than others.

I guess it depends on the kind of games you like or follow. For example, the Elder Scrolls last release, Skyrim (2011), has been milked and re-released seven times, the last one in 2021. Meanwhile the fans keep expecting an Elder Scrolls VI soon(TM).

There are good new games, but there is also a growing attitude in big game studios to low-risk cash in old franchises.

I mean, the studio you're referring to just launched a huge new IP this year. It wasn't very good, but you can't accuse Bethesda of "low-risk cash in" when they just released a brand new title this year.

So it does both, right? As I said, it depends on the kind of games you like or follow.

To each their own obviously, but look at the Game of the Year nominees - all sequels, and even a remaster.

Baldurs Gate is good, but it’s really not that much different than Divinity original sin.

Nothing is wrong with games being similar, same thing happened with movies. It’s just formulaic imo.