If I had to guess, each graphics cycle is a little less dominant than the last. The iterations on graphics are becoming lesser and lesser. A game from 10 years ago is far improved from a game 20 years ago, but not that much worse than a game from last month.

There are moments of awe (imo, especially in VR when a game “nails it”), but we’re pretty desensitized to high-graphics video games of late.