Movies
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There's also the financial risk to be considered. A mainstream film release from 1970 might have been produced by fifty people, cast and crew combined. The crew for Barbie as per the image above was close to a thousand people. That's expensive. Have to put in twenty times the ante to be in the game, and all the payoff is in established properties that you already know have an audience? It would be foolish to do otherwise.
Like you say, if people actual did what they said they wanted, and go and take a punt on the new stuff rather than going to watch the same-old, then it would be different. But you can't complain about it when that's what you spend your money on.
There were major blockbusters earlier in Hollywood as well, like Doctor Dolittle.