I think graphics capped out around the 8th generation of consoles with the Xbox One (Sunset Overdrive holds up insanely well) and now everything that isn't VR is just overkill
I think raytracing can improve graphics (especially lighting) without needing insane development resources to be thrown at it.
In terms of simple pixel pushing though, I struggle to see much difference between last gen and this gen. The models and textures look almost identical. Only real difference is framerate.