On top of what other people wrote, I think a common misconception is that raytracing is only useful to determine the final shaded color of a pixel on the screen. In its current form, things like RTX are still way too slow to do this at any appreciable quality level.
You can use raytracing passes at very different resolutions, quality settings, geometry detail levels etc though, and combine them with the 'regular' render pipeline later. For example to calculate environment maps for reflections, shadow maps, or even things completely unrelated to drawing (hit tests, sound reflection etc). Suppose I want to have a nice reflection in a pool of water for example, you can already get a very good looking effect by raytracing a low-resolution environment map from the water pools' perspective, which wouldn't need any tracing of secondary rays etc, and use it in your water shader.
There's uncountable ways something like this could be useful (not all of which can be accelerated very well though, I guess)
For doing the more traditional raytracing at any resolution you will always need an acceleration structure like a BVH though, but building/updating that is part of these kinds of hardware extensions.