This is a pretty comprehensive video about the topic:
I am convinced that raytracing at the moment is just either under-utilized or badly implemented, or both. And the current hardware capabilities have a play there as well. There are only a handful of GPUs and games that can give decent performance in proper path tracing.
And there's also the fact that faking and baking lighting, reflections, shadows, ambient occlusion and others have just gotten really good in rasterization. Developers and designers got really good at faking things that look almost like raytracing.
Also, in some games you just won't notice the raytracing implementations. Like the F1 example in that video, who will notice some reflections in some windows in the side when you are driving at 300 km/h? It depends on the game as well if you can take in all the visual splendor and smell the roses.
So, to answer the question: a scam? I wouldn't go that far. But it depends on the game, depends on what is implemented (RT lighting/GI, RT shadows, RT reflections, RT AO), depends on the settings, depends on the scene, depends on the objects and materials that are on display. There are transformative changes, but there are also changes that are barely visible or barely better than rasterization.