I mean, AAA has slowed down quite a bit sure, and a lot of the titles lack creativity or innovation. But indies are definitely carrying the torch. Also, when it comes to graphics you unfortunately kind of did it to yourself if you weren't expecting this gen to really focus on fidelity, lighting, framerate, and raytracing related details. This gen was never meant to blow us away visually, it was only meant to look a bit better in various ways, when I personally think it has accomplished.
Personally I don't know if I'd say it's the "worst" since 1998, there's definitely some solid titles in the AAA/AA/indie realm. But could it be better? Sure! We can only hope it's up from here.