Why Video Games System Requirements keeps on increasing for PC?

I am really sad to see the current state of gaming industry, where with 9 yr old consoles people can enjoy decent quality of graphics with almost playable framerates with some restrictions and compromise.
PC games generally struggle to run same game in 720p with same hardware specs.
This issue needs a good look from developers to publishers. The code should be optimized enough to run games on most Midrange PCs but that has not been the case as of recent.