I'll give it a shot.
What's happened has happened, and that's important, because the 40 games already played do count (This is obvious, but it bears repeating).
Suppose that a player's "true ability" (in something) is X, and that in his first 40 games, he performs at a higher level Y. In an 80-game season, we'd expect his end-of-season performance would be approximated by 40X + 40Y, which would be about halfway between his true ability and his first-half performance.
Over a 1000-game season, his end-of-season expectation would be 960X + 40Y, which (obviously) is much closer to his true performance.
With that said, in most things that are being measured, players' "true abilities" are very clustered, and so while Y might be an outlier, 40X + 40Y would be right back towards the middle of the cluster.