Developers mastered the art of baked lighting and reflections in the previous generation and now they trying to achieve the same but in dynamic real time whilst also giving in to gamers demand for 60fps or higher framerates
The jump is there but it's being dragged down by those goalposts.
Silent Hill 2 does look like a generational jump over the PS4 games.
but everything is being bogged down to keep Raytraying, and GI & 60fps as a standard.
This is why some Last Gen games looks fantastic still, it not diminishing returns, they are made differently and the new method and targets need a lot of power to achieve a similar effect.
Add in Upscaling which is required to achieve that with those real time effects and high framerates and you a grainer version of last but in real dynamic everything instead.
Nextgen should be a more noticeable jump.
In top of that...the talent isn't there anymore in most studios.
K
KellyNole
Then you got your wish, but lesser graphics and no physics are the price you pay for your framerates.
Physics are costly and would be the first thing to cut to achieve higher framerates.