I think you are vastly overestimating how good these old properties hold up. Toy Story 1 looks awful by today’s standards in a lot of ways.
Flat textures. No subsurface scattering. No bounce lighting. Comparatively low poly count. Low density/simple scenes.
I would argue we surpassed this in the PS360 era. PS1 CG is similarly monstrous. Even a lot of ps2 CG. Once the big boys like Santa Monica studio and naughtydog debut their first current gen games, that will go a long way to change the perception I believe.
sure, the use of techniques are getting better and better, so today we can do amazing things with less resources!
The most import thing we need to understand is the Art Concept of all those things we see in games today...
Example, the Resident Evil's 2 and 3 PSONE CGi were considered realistic at that time, but even though the remakes are making so incredible realistic things, doesn't even mean they are technique better than that old pre rendered scenes...
I mean, try to compare the complexity of those pre rendered scenarios and the recently real time scenarios from RE2 Remake and RE3 Remake.
I think we've got advantages and disadvantages. Animation and cloth physics stills pretty even in Toy Story 1995, but sure, the textures we can render in real time today are by far better!!! And PLUS! We are making Ray Tracing, that is something Toy Story 1, 2 and 3 didn't! As you can find in articles on you Google today.
So I think we're running some perfect amazing elements from PS2 and early 2000's CGi in real time, and some another things not yet...
The best metric to do this math will be the next gen hardware, with systems totally dedicated to ray tracing, and at least 40 Teraflops machines...
I mean, a Ratchet Clank perfectly geomatric made, comparing with Monsters Inc or NEMO, you know? at the point that developers or gamers must say: Wow! we could render all those Pixar movies from 2000's in a single machine today! in single GPU! I mean, in a single console! That's a dream comming true...
Imagine, you going to the future, taking a PS6 and going back to 1995! You could say to the PIXAR programmers: Hello guys, throw all this render farm computers stuffs away!!! I've got a single machine that make all these bullshit in real time, and even more!!
I think this is what I'm talking about, and what people that loves CGi are talking too