Replay value is typically the focus for Arcade-style games like say.. Fruit Ninja or Street Fighter.
For large scale RPG games which focus a lot on stats, builds and combat. I'd say they have replay value in it, just not as much as an arcade game.
Short arcade games like Dance Dance Revolution can be said to have the largest replay value. This probably started with the Pay-per-play system most arcade games had in the early days. Those game developers needed a way for players to keep paying to play again and again.
Old Arcade RPGs like D&D typically made the game very very hard, making players pay a lot to complete the game. But once you do complete the game, the replay little is less as you've already accomplished almost everything by finishing the storyline.
This is seen again in modern day RPGs which give you mainly a long interactive story but they don't care much about replay value as much, as they earn money as a one-off payment and earn again through sequels.
Games nowadays also like giving out developer kits for the community to create the replay value themselves.
Simply put, if the completion of the storyline of the game and spoilers can take away the play value, then your game has little to no replay value.