For me it really depends on the game and whilst the "glitzy" is often an indirect indicator of a game which is limited in its replayabiliy - I suppose because often they're games were there was much more investment in looks than gameplay - I should have added "highly curated" to that sentence since for me games with a story meant to be experienced in a certain way are pretty much "play once".

Most of the games which I keep coming back to again and again in quite short cycles have emergent gameplay elements and even the entire game area is different from play to play - not just Indie Games like Factorio, Don't Starve, The Lone Dark in Survival mode and Project Zomboid but also something like The Sims - whilst of "story" games, there are very few I go back to (as I mentioned Oblivion but also Fallout New Vegas and Fallout 3) and when I do it's after much more time, I suppose because I have to forget most of the story for it to be fun again.

My impression that in the last decade AAA has focused mostly on just two kinds of games - "Glitzy AAA open-world-ish" RPGs and multiplayer battle games - and for me the first have limited replayability unless they're a world with A LOT of depth were the story is but a small part of the game, whilst I can't be arsed to play the latter ever since online battlefields were swamped by kids in consoles as I really don't have the patience to babysit somebody else's ill behaved kids (still waiting for game makers to figure out that Adult Only servers would be immensely popular).

It's not that AAA can't do games with massive replayability, it's that the AAA part of the industry seems to have gone down the route of games being either "curated experiences" or massive multiplayer were the emergent gameplay comes the actions of other players, whilst many Indies - having way smaller budgets - have gone down routes were the gameplay is "self-assembling" emergent, often with the game area being procedurally generated, which adds up to something less predictable were two runs of the game whilst sharing some similarities are in practice sufficiently different not to feel repetitive.