Cyberpunk is a good example of gorgeous raytracing: https://www.youtube.com/watch?v=3pkuU0cGQu8
The problem is that proper raytracing is way too heavy for most machines, so game devs don't bother. The Cyberpunk example on max graphics would need an RTX 4090 just to run it over 60fps. No point in pushing tech that nobody can run yet.
Raytracing on older games looks great because they already weren't intensive to run, so developers can get away with maximizing raytracing while still running fine.