The key word is realistic. Raytraced lighting is the most realistic lighting there is.
Some games might not want to be realistic, so "better looking" is a bit subjective.
Why would you want "not realistic" lighting?
Just about every lighting trick you see in games is an attempt to simulate realism. Going back to Pixar movies, do you not think they employ the most sophisticated lighting code (absolutely using ray tracing) that exists, even though their movies are highly cartoony?
I can't imagine a future where real time ray tracing is possible and "cheap", and a team decides to not use it because it's "not the right look." Artistic choices will still be able to be made.
In regards to earlier in this thread, VFXVeteran already clarified this but, yes you do get much simpler lighting setups with ray tracing because of how it simulates real light. You don't need to rig up a bunch of extra "fake lights" to simulate what, theoretically, one single light in a room could be doing.
People talk about the consoles, and if they would need a "pro" version this gen. Well here it is. I could absolutely see a need for pro models, and all they would need to add is hardware to support higher frame rates and better ray tracing. That's it IMO. We just want better performance and better lighting. If PCs are already doing this kind of ray tracing, the gulf will probably be absolutely huge in 3-4 years and it's going to be obvious.
Seriously if you are of the opinion that ray tracing is just an optional thing and it's a choice between that and previous style lighting and rasterization depending on what you're going for... yeeeeeeaaah you're kind of objectively wrong. Also if this is a console vs. PC war kinda thing and console only gamers are upset that PC is outshining them in this area ... that's silly. Content is still king, and consoles will just never beat PC technically. It's been that way ever since "3D accelerators" became a thing (ahhh 3dfx Voodoo days lol) and it's never going back. Just sit back and enjoy the good times everyone can experience.