I am probably unqualified to speak about this, as I am using an RX 550 low profile and a 768P monitor and almost never play newer titles, but I want to kickstart a discussion, so hear me out.
The push for more realistic graphics was ongoing for longer than most of us can remember, and it made sense for most of its lifespan, as anyone who looked at an older game can confirm - I am a person who has fun making fun of weird looking 3D people.
But I feel games’ graphics have reached the point of diminishing returns, AAA studios of today spend millions of dollars just to match the graphics’ level of their previous titles - often sacrificing other, more important things on the way, and that people are unnecessarily spending lots of money on electricity consuming heat generating GPUs.
I understand getting an expensive GPU for high resolution, high refresh rate gaming but for 1080P? you shouldn’t need anything more powerful than a 1080 TI for years. I think game studios should just slow down their graphical improvements, as they are unnecessary - in my opinion - and just prevent people with lower end systems from enjoying games, and who knows, maybe we will start seeing 50 watt gaming GPUs being viable and capable of running games at medium/high settings, going for cheap - even iGPUs render good graphics now.
TLDR: why pay for more and hurt the environment with higher power consumption when what we have is enough - and possibly overkill.
Note: it would be insane of me to claim that there is not a big difference between both pictures - Tomb Raider 2013 Vs Shadow of the Tomb raider 2018 - but can you really call either of them bad, especially the right picture (5 years old)?
Note 2: this is not much more that a discussion starter that is unlikely to evolve into something larger.
I would look at some of the tech demos for Unreal Engine 5 and its capabilities. We’re at the point now where the engine itself, with sufficient art assets, can look photorealistic more or less out of the box.
Where this is still hardest- and likely always will be- is in faces, because our brains are so thoroughly wired to spot micro-expressions and subtle facial and body language as social animals.
That said, for a game like Doom or Path of Exile, sure, I think we’re way past the point of diminishing returns. But for games where you’re actually experiencing a story and interested in the relationships and characters involved? Things like Death Stranding, RDR, Cyberpunk 2077, or more recently BG3? All of those same nuances of expression can definitely add to the experience- it’s the difference between a mediocre actor and a good or great one.