I think you're absolutely right. I mean, it's not like modern tools don't dramatically reduce the time it takes to design encounters, build zones, script AI, balance loot tables, test everything, and then maintain it all long-term. Clearly you just click the "Make 7x More Content" button in the editor and it spits out seven fully realized zones, bosses, and progression paths overnight. The technology practically does the creative work for you at this point.
Honestly, people comparing it to games built with 1999 tools are just being pessimistic. If anything, modern tooling should mean we get way more than seven times the content - probably 14x, minimum.