In my local area, it costs \\$18 (or higher for the larger screens, if you need a new pair of 3d glasses, etc.) for a ticket to a movie at the cinema, and most movies last between 2 and 3 hours. Personally, I think this is too much and avoid going to the cinema unless there's something I think will really be worth the "big screen experience" or unless I'm given a ticket as a present, but enough people are willing to pay this price that the cinemas sell out many sessions and do a booming business.
Compared to \\$18 or more for 2-3 hours of entertainment, \\$100 (that is, roughly five times the price of cinema entry -- and yes, new video games cost us that much here in Australia in spite of a very similar value to our currency) for a game that will provide 50 hours or more (that is, at least 5 times the amount of entertainment) doesn't seem so unreasonable.
As Reedbeta says, if people are willing to pay these prices they will continue to be charged, and there are a lot of costs to be covered when you consider distributions, royalties, and the astronomical development budgets now spent on these titles.
Personally, I'd much buy a good indie game and the occasional puzzle or arcade-styled game for my mobile devices. If you're not happy with the prices of new AAA titles, then don't pay them and instead seek out one of the many cheaper sources of games; indie games, older titles, games for mobile or tablet, etc.
Issues like this are why a lot of people think that the next console generation may well be the last.
Honestly, "a lot of people" have been saying such things about every console generation for as long as I can remember. I'll believe it when I actually see it.
We have however had an interesting shift, with modern consoles taking on the role of multi-purpose devices -- they're now used as media centres, network storage and various other purposes along with playing games, and are essentially a different type of PC. They've changed a lot, and have very little in common with the consoles of our childhoods; games can be updated and have DLC, they browse the web, they fill the role of DVD or Blu-ray player in many houses.