Will the Wii U's graphical capabilities ever be fully utilized?

[F0X]

At this point in the console's lifecycle, we don't see any games that offer a significant leap over games on the PS3 and 360. Of course, there are a few possible explainations:

 

1. The lifecycles of the PS3 and 360 have lasted long enough for both platforms to be pushed to their respective limits, while few developers know the extent of the Wii U's capabilities or how they could be reached. In simpler terms, it's far easier to develop a game from the ground up for the PS3 and 360 when compared to the Wii U.
2. Developers are unwilling to put forth more time and resources into a Wii U version of a game just to make it look nicer. Even more so since the Wii U is a completely new console with a nonexistant install base.
3. Nintendo themselves are probably working with outdated graphics engines. For example, Pikmin 3 started development on the Wii, and is likely not entirely rebuilt for Wii U. Nintendo Land and New Super Mario Bros. U are not meant to be graphical showcases, to put it lightly. If Nintendo hasn't shown much effort as of yet, why should anyone else?
4. We haven't seen many major games built specifically for the Wii U. There's ZombiU (which probably wasn't made with a large budget), Rayman Legends (which uses the same technology as Rayman Origins), and The Wonderful 101 (which definitely has some things going for it, but most likely could be replicated on other consoles). We also haven't seen a single in-game screenshot of Bayonetta 2 or Super Smash Bros. 4.
5. The Wii U does not have enough features to warrant the development of games based on anything but current-gen development technology. This is just a possibility, but it's an explaination nonetheless.

However, I'm not too concerned about how the currently-announced games look. No, I'm looking back into the Wii years, where every game would've likely been able to run on a GameCube (graphically speaking, and assuming that recent speculation is true). Could we see a repeat? Will Nintendo develop a first-party game that proves how much more powerful the Wii U is? Will they show it off and/or release it before Microsoft and Sony's next consoles hit the market? Will a third-party developer come and save the day? Or will the Wii U be left with games that could, for the most part, be run on a PS3 or 360? I doubt it, but I'm also not one to ignore history. So what do you think, VGCharters?