funny side note. SEGA invested $5m in Nvidia then, after the fiasco to keep them alive. They sold that equity when Nvidia went IPO for roughly $15m. Have they kept it, it would be worth $3b today. SEGA's market cap is around $4b today.
So what follow is an endless series of tricks. Path-tracing is one of the purest implementations, and it is actually a simple algorithm to implement, but if you don't want to have a noisy mess on all but the most simple shapes, now we are talking PhDs and rock star developers.
Right now, I'm heavily into Cyberpunk 2077. I've got an RTX 5090, so I can turn all the details, including the ray tracing, to their maximum settings. It's absolutely gorgeous (Especially on my 4K HDR OLED monitor), but if you look really closely, you can still see the evidence of some shortcuts being taken.
Some reflections that are supposed to be a bit rough (like a thin puddle in the road) may appear a bit blurry as I'm walking, but will come into better focus when I stop. My guess is that as I'm moving, the angles of the rays being reflected change with every frame, making the data very noisy. Once I stop, they become consistent, so the reflection becomes clear.
Back in 2014, Disneys Hyperion farm supported 10-20 software bounces! [1] Does this count, or does it still require "cheats"?
[1] https://www.engadget.com/2014-10-18-disney-big-hero-6.html
And reflections and refractions.
Raster-based reflections are a simple shortcut: Just take the rendered image of what's being reflected and invert it.
But that doesn't work when the reflected object is off screen. As a result, if you're over water that's reflecting a city skyline or something in the distance, then pitch the camera down, the reflection vanishes as the skyline goes off screen.
Alternatively, you can create an environment-mapped texture, but that makes the reflection not reflect what's actually there, just an approximation of it.
I find it incredibly distracting in games. It's like bad kerning: Once you know what it looks like, you see it EVERYWHERE.