What do you mean, content? There's a reason AAA games are made by hundreds of people - people who design every fucking pebble on the road that you never stopped to notice. Or the cigarette butt in some ashtray.
Yeah, automated tools - procedural generation are slowly conquering that field, starting with the omnipresent SpeedTree and other tools. Still the bulk is still hand-made. Games simply have become tremendously detailed - from environments to facial animation.

Take for instance motion capture - it's nowadays expected to see fluent, realistic animations, and at first MoCap was a tremendous help, but actually nowadays more money and effort goes into that, than old-fashioned hand-made animation in the past (actors, stunt-men). Down to facial expressions, which really are a lot of work. Esp. the post processing is more of a bitch than most people think. I know a few people from that scene, it's an obscene amount of work to get right.