The last time games were increased in price I was in grade school, 50 to 60, a 10 dollar increase. I wrote a letter to nintendo actually and got a response basically saying costs were up in the nicest way you could to a child.
That was well over 15 years ago, so the extra 10 they tacked on was honestly coming eventually. Everything else in life is getting expensive so of course it was only a matter of time until it reached this part of our lives, its really basic economics.
A comparison to keep in mind is also that we were still buying physical copies of games when the last increase happened, now we are strictly digital for a large majority of purchases while this next increase has happened.
But luckily this increase in price seems to be a trend only taken on by AAA companies, which are hit and miss in their titles lately imo, so most will be on sale in a year and you won’t ever have to pay 70 unless you are really into that title. Most indie companies are pricing their games at around 30-40 dollars right out of the gate and honestly have more of the spirit of what video games should be.