In 1992 you often had to code your own engine, which amounted for a good chunk of the development cost. They had to do that using a ressource envelope magnitudes smaller than what we have today. Heck, a jpeg screencap of the original Mario game is bigger than the whole original game itself. Let's not forget that games where physical, which had to be included in the final price.

Todays devs often uses off the shelf engines, tools that automate some of the tedious task, like making trees (Speedtree) and asset reuse is done on an industrial level, there are even marketplaces for that. Moreover, game distribution changed to be mostly digital, you don't need to factor the medium price into the asked price.

You cannot really compare 1992 dev costs with modern ones. The whole way games are done changed way too much for that.

Moreover, the market has grown way beyond what is was then. The required profit per copy sold is a lot smaller than it was then, and thus should be accojnted for.

Honesty, I don't see a AAA needing to have more than $60-70 atm, and I think this bump in price is entirely due to the ever increasing marketing cost, more than the game development.