Replacing all that effort with raytracing and having one unified lighting system would be a _major_ time saver, and allows much more dynamic lighting than was previously possible. So yeah some current games don't look much better with RT, but the gameplay and art direction was designed without raytracing in mind in the first place, and had a _lot_ of work put into it to get those results.
Sure fully pathtraced graphics might not be 100% usable currently, but the fact that they're even 70% usable is amazing! And with another 3-5 years of algorithm development and hardware speedups, and developers and artists getting familiar with raytracing, we might start seeing games require raytracing.
Games typically take 4+ years to develop, so anything you're seeing coming out now was probably started when the best GPU you could buy for raytracing was an RTX 2080 TI.