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Ignoring the fact that Graphics is partially a subjective topic...
The 2011 tech demo was impressive, but had a huge advantage over real games: it was two characters in a small environment. Actual games have trouble getting every single detail like that because they have to include larger areas, more moving models, shiny effects from magic, and so on.
I'm sure if a AAA developer worked at it, they could provide a more visually stunning room with two characters, but that would be a terrible game.
Besides, I do not think that the Wii U's best-looking games are TOO far from this standard.
Focusing on games in 3D environments (titles like Rayman Legends are bad comparisons), let's see what the Wii U has to offer.
Bayonetta 2
Mario Kart 8
Super Mario 3D World
Super Smash Bros 4 Wii U
Wind Waker HD
Note that all of these have a lot more going on than the 2011 demo did. Mario Kart 8, for example, has 12 racers, a long track, tons of moving and/o interactive objects, and so on. Compared to a guy and spider in a small room, that's a lot.
