And a lot of those studios release their products on time, no matter what, not caring if the product is actually fit for release or not. Only for that product to inevitably be bugged, unfinished, or just plain broken. Sega - and the Total War franchise in particular - have suffered badly with this. It has become the trend with far too many companies to release games on time but unfinished - regardless of what state the games are in - and then just patch them once released. But the result of this is an alienated customer base and a game that is bugridden or incomplete or not very playable, or all of the above, for many many months after release. I myself have been burned with such games as the Aliens games and especially Rome Total War II. Rome Total War II was released a full year too early and needed that extra year of year of work after release before it was even close to an acceptable state!
For that matter, although it is easily forgotten now, Paradox itself did not do that great a job with the release of HOI3. That too needed a lot of post-release work.
So don't knock the delays too much. Even two years of delays. If you demand on-time release, you may regret what you wish for.
Naturally the delays only work if the problems are fixed. If HOI4 is delayed by two years, but is still released with problems - yeah, that's going to be an issue.