The good news is that they seem to be doing this on a case by case basis, which is why games like Pikmin 4 and Kirby's Return to Dreamland: Deluxe are still priced at the standard 60 and even Metroid Prime: Remastered at 40, which is interesting considering Skyward Sword HD went full price.
I personally don't think the 70 dollars is justified for Tears of the Kingdom. For one, it's not even on new hardware and has no current gen features to "justify" the price hike like Playstation or Xbox.
There's definitely truth to games costing more to develop these days, and it was evident last generation as well with how much slower big name developers were churning out games compared to the previous generation which saw whole trilogies of new IPs or even just a much more varied number of releases.
But I still don't think a price increase is justified. Especially with how well games sell today. Playstation and Take Two in particular seemed to have championed the 10 dollar increase which I find so dishonest when you consider Playstation games have no problem moving 10 million plus copies and games like GTA V and Red Dead Redemption II having just reached 175 million and 50 million units sold respectively.
But it's hard to blame them when all I ever see on social media is stupid console war bullsh*t, with the Playstation fanboys leading the charge about how amazing Playstation's exclusives are and how they're such premium products that they wouldn't mind paying more for at the sight or mention of anything Xbox or Nintendo. When your audience is that gullible and stupid, they're kind of begging to be taken advantage of, and well, now we have 70 dollar games as an industry standard.
What I find most problematic with this is the fact that new IPs and studios are going to end up suffering the most from this because they don't have the same buit in audience and recognition that companies like Sony or Rockstar have garnered over damn near 3 decades. At the end of the day, people are just going to spend more money on what they already love, like I'm sure most of us are going to do here and just bite the pillow with Tears of the Kingdom.
When Capcom of all companies still seems firm on the usual 60 dollar pricing for their upcoming guaranteed multi-million sellers like Resident Evil 4 and Street Fighter VI, you know something ain't right with everyone else's story.