Diminishing returns is very real, it is also a gradual effect. Luckily processing power increases exponentially not linearly so we are good for a fare few years yet. Once you can't easily distinguish between real-time and current pre-rendered visuals then we will have hit the wall. Give devs 2-3 years to update their engines and production pipelines before you judge. What you have seen so far is mostly old techniques at a higher fidelity with a few gimmicks on top. When games are built from the ground up from art direction to tech to production pipeline to optimization we will see much better results. So far we have seen last gen art tech and production with next gen polish, as devs didn't have modern hardware when they started development 2-4 years ago.
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