Sure, as most of those were 16kb-64kb carts, weren't they? Amiga games were all over the map, but most were closer to the 512kb+ mark. That would have made for one extremely large, heavy, bulky and expensive ROM scenario back then.
The original Phantasy Star for the Sega Master System was 512KB (4 megabit) and it was released in 1987 (in Japan anyway, US release was a little later). The biggest limitation on cartridges then was probably the limited address space of the consoles at that time. When you've only got 64KB of address space and have to bank switch to access more than 48K of ROM or so, high capacity cartridges don't necessarily make a lot of sense.
The infamous bust of the video game market in the '80s seems to have ended the use of cartridges on consumer machines until game machines underwent a revival in the '90s.
Cartridges were still quite successful in the 80s on the NES, at least in the US anyway. I get the impression that the Master System did okay in at least some parts of Europe. Cartridges didn't just disappear in the period between the 2600 and the "16-bit" consoles.
In the end though, cartridges don't make nearly as much sense on machines with a reasonable amount of RAM. Cartridge based game consoles had tiny amounts of RAM (the Genesis had only 64KB directly accessible by the 68K) compared to the Amiga. On a system with a floppy drive and a reasonable amount of RAM, the cost advantages of floppies make it silly to develop a cartridge based game.
