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The simple answer is the publishers like Ubisoft/EA/Activison etc giving the studios enough time to complete and test the game.
The main problem is that the publishers on triple A titles, spend large amounts of money on marketing weeks before launch- to build up pre-orders yet once the reviews hit they can damage the marketing if the review is negative.
Review embargos are a way of protecting the first sales of the game, people will pre-order and buy on day of release as they want the game, the bad publicity will hurt ubisoft but will it change it much.
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