By replay value do you mean completing the game multiple times? Most games today give you their value with extra modes, new characters and secret levels etc.
I like the big action set pieces in games but like movies the games that focus on a linear story/set piece experience it needs to be good for me to play it again. The Uncharted games are that for me. I only watch my favourite movies multiple times and the same for those kind of games. Also games that focus on the story I tend not to replay, TellTales The Walking Dead is amazing but that was once and done, if I didn't get it for free on Xbox One I wouldn't of played it again, same with The Last of Us on PS3.
Games like The Witcher 3 I'll only play once because of how big they are, same for Fallout 4 or Xenoblade Chronicles X. Now the question of replay value for them is a pointless one because they can last you for over 100 hours.
Games like Resident Evil Revelations 2 is one of the games I mentioned up above. You finish the main game and you unlock all sorts of extra modes and costumes. I think I spent over 40 hours on Revelations 2.
Then you have games that are designed around replay value like Lollipop Chainsaw that whole game is about high scores and finding lollipops only available in easier and harder difficulties. It got poor reviews and sold well but it's one of my favourite games of last gen. Until Dawn my favourite game this year and that game is all about replaying it over and over.
I think the problem with replay value and the lack of replay value is that because of the focus on new things that the idea of making a game designed around replaying the same stuff over and over comes across repetitive and lazy, the problem is to create a truly repayable game is the opposite of lazy and repetitive but it'll take a big game to change the public perception on it.
I haven't played Black Ops 3 but from what I understand that game has a big focus on replay-ability and the famous Zombies mode in the COD games is about replaying the same maps over and over to get the best score, so some games are still popular with the focus on replay-ability. Devil May Cry is still about replay-ability even with the DmC reboot.
Personally I think the Arkham games are amazing and I got the Platinum Trophy in Arkham City and Arkham Knight because I absolutely loved them, in order to get that trophy I had to complete the game twice once on normal and once on the harder new game plus.
People rat on the Uncharted games for their lack of replay-ability but you can play them twice, it's still fun and you can play on harder difficulties and collect all the treasures. Almost every big game has at least extra difficulties. But like I said it's the games that focus on the stories/set pieces that tend to give me the one and done feeling, Uncharted, Until Dawn and quite a few others are so good I just need to play them again to get the extra collectibles or see the other endings.
Really thinking about it, I don't think it's the lack of extra modes or lack of stuff to do on the second playthrough that stops people on most games, it's the characters and story. Some games I'm done because I've had my experience with it it, I've made my story and that's it for me, others I just want to experience it again and I think so many games focus on the wrong things that people have no other reason to play it again other than extra stuff, so it feels boring or repetitive even if that second playthrough might end up quite a bit different.
In Lollipop Chainsaw if Juliet wasn't so awesome and the dialogue really funny I wouldn't of played that game twice because she made me want to play it more, the funny characters and really funny story made me want to keep playing that game. Nathan Drakes one liners and really cool action set pieces made me want to play again. Batman in Gotham with all the bat-villains made me want to play again. The Walking Dead was great but I'm one and done because it's so dark and dull even though there's many different options I could pick my second time around.
I don't think lousy replay value is because of modern games I just think some games appeal to different people in different ways and it's like that for every medium. I would gladly read a book but I wouldn't read one twice, some people would read their favourite books multiple times. I went to watch The Force Awakens three times, most will only watch it once. I've only re-watched one TV Series whereas others have watched their favourites many times. People don't say "Where's my movie re-watch value." because you only watch it more than once if you like it.
I think this was all over the place because my thoughts on it kinda changed midway but I'll leave you with this
Because who in their right mind wouldn't want to replay this game over and over and over and over...