90% (99.9%?) of GaaS titles pander to the masses by targeting the mid end and scaling down graciously. A high end only GaaS title would still have to be operated at crazy prices to get a decent ROI from the small install-base of hardware capable of playing it, just as a standard game would need a crazy high ticket price.
Some GAAS titles pander to the masses (MMO's, for example, albeit not all of them). Here you definitely want as many people as possible to be able to play your game. Often this is indicated by a monthly subscription fee.
Some GAAS titles (notably F2P titles, again, albeit not all of them) pander to a small minority of people with deep pockets (whales who will dump thousands of USD into the game
each month). Making the game playable to the more people just increases your chances of getting a Whale to spend large amounts of money, especially if it's competitive. These games are often marked by numerous microtransactions with more predatory ones offering an in game advantage in competitive game modes (like World of Tanks or PvP F2P MMOs).
Of course, there are exceptions to both and they can overlap (F2P MMO's, for example go after the whales instead of the steady monthly payments).
Star Citizen does something interesting, their method of luring in the Whales is to offer an unrivaled graphical experience combined with multiplayer. That's a double whammy of getting people that think that investing in the best CPU and GPU ever year or even every 6 months is just pocket change to then drop huge sums of money (which is still pocket change to most of them) on in game items (in this case ships). The multiplayer aspect gives them an additional opportunity to show off their conspicuous wealth. If PvP ever takes off that's another avenue for attracting the competitive whales.
PoE and Warframe lure in smaller whales by allowing them to show off their wealth (or to pretend like they have wealth by showing off) via cosmetics combined with compelling gameplay. The compelling gameplay is key to attracting a large enough user base so that not only are there more potential whales but more potential people for the whales to show off to.
In other words, a GAAS type of game can go after high tech as long as they have a strategy to get those Whales interested enough that they continue to dump large sums of money into the game.
I wouldn't even care to venture to guess at what proportion of GAAS titles cater to the masses (goal is to get money from all or most players) and what proportion cater to the Whales (goal is to get large sums of money from a fraction/minority of the players).
For consoles, obviously, anything you make is going to run on the target console. So here, you can spend a lot on expensive graphical fidelity, tech and assets without worrying about whether that would limit your appeal to the masses. I think that was where Sony wanted to go and why they were OK with studios doubling or tripling their development budgets. The likely thinking was that when the tech deployed in those games were then leveraged in a GAAS title, they would recoup those costs +more.
Regards,
SB