“Dumb-down” for consoles is a stupid argument. It doesn’t mean anything, and is used to dismiss any changes one doesn’t like no matter of game is indeed to be released in consoles or not. It stopped being relevant arguments years ago, as consoles started to get more compelled and demanding games and PC fell back in favour as a valid platform to release or even focus on.
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You are assuming that changes are for good. And that HW was the unique limitation on consoles. Now they are more powerful, but the controllers and mindset of most console gamers are still the same. RPG, FPS and RTS games got dumbed down a lot when they started to focus on console market. PC market was always more mature and interesting game. Just look to most popular old school PC RPG's, like BG2/1, VtMB, Arcanum... And the most popular console old RPG's? Final Fantasy and cia, a game about androgynous teenagers with oversized swords saving the world. "But ultima 7 got a snes port", massively censored and dumbed down. BS like dialog wheels, press A for awesome gameplay, quick time event, etc; only exists thanks to consoles. Even lootboxes, only got that big thanks to consoles and mobile market. Console gamers purchase the same FIFA game every year and spend tons of money on P2W mechanics which PC players rarely accept even on F2P games.
And the best modern game developers are from eastern europe(CD projekt red, OwlCat games, 4A games), exactly because consoles barely exist there, so the general mindset is a PC mindset.
Streamlining a game doesn’t have to happen because of platform it is released on. Having 300 spells will rarely be considered a good idea. Depth vs complexity and such other silly design principles.
Why? It gives a amazing variety and depth to any game. Each level up as a mage on BG1/2 is extremely impactfull.