http://kotaku.com/gaming/keiji-inafune/gdc07-capcoms-inafune-slams-clover-producer-242796.php
So his reasoning is if something is made for the purpose of being sold as a product, it can't be considered a form of art. Now I know a lot of you are going to reach out and name titles like Ico and whatnot, but I think a lot of people here share this mentality. The thing that gets me is how so many think "lowly" forms of entertainment like popcorn flicks or generic action games are dismissed, and the definition is reserved for anything with intellectual depth or whatever, even in the gaming community.
Even if something was made just to generate lots of profit, there was still a creative process, aesthetic choices, etc involved.