And another analogy...
Think of the price of relatively "cheap" SDRAM at the time (yeah, completely NOT the same type of memory, but humor me). Even 64 megaBYTES cost well over $100 in that era of computerdom. Just imagine the price if games were double or quadruple that size with epics like Zelda or RE2, and that's not even factoring in costs for development, marketing, other packaging/materials, and such. Therefore the proper measurement is not the 8x larger "bytes" but rather the smaller "bits" which would be divided by 8 to come up with the equivalent MB.