Control and Resident Evil 2 Remake still look incredible and run well on fairly inexpensive hardware today. We don't need globally illuminated Unreal Engine 5 games with individually modeled nostril hairs on each character that require graphics cards with prices in the three digit range
Graphics should just be kept at late PS4 level for the foreseeable future to keep games as accessible as possible
I think it’s like the arms race. If everyone agreed and started making PS4 graphic level games, and then one developer made a new age graphics game, the others will think damn we need to make our games look better or people won’t buy our games, and so on. As consumers, if someone marketed a GTA6 game as having vice city graphics, and there was another similar game but with new age graphics, many would choose the new one. So from both sides, it’s a vicious circle.