Ignoring the lack of updates if the game is buggy, games back then were also more focused on quality and make gamers replay the game with unlockable features based on skills, not money. I can't count the number of times I played Metal Gear Solid games over and over to unlock new features playing the hardest difficulty and with handicap features, and also to find Easter eggs. Speaking of Easter eggs, you'd lose a number of hours exploring every nook and cranny finding them!
Counterpoint: budget re-releases of games (e.g. 'Platinum' on PlayStation) were often an opportunity to fix bugs, or sometimes even add new features. A few examples:
Those are just off the top of my head. I'm certain there are more re-releases that represent the true 'final' version of a game.
That's the exception rather than the rule. If you have the opportunity to make some changes in a new batch, why not take it?
Generally, when the game was released, it had to be done. If there were any major bugs, then people would be returning their copies and probably not buying an updated release. It'd also hurt the reputation of the developer, the publisher, and even the console's company if it was too prevalent of a problem.
I don't think anybody I knew ever got an update to a console game without just happening to buy v1.2 or something. There were updated rereleases, but aside from PC gaming, I don't think most console gamers back then ever thought "I hope they fix this bug with an update".