It seemed that way for a while now. I think the main problem is that consoles are really limiting what multiplat devs can do.
Someone already mentioned Ubi, and I remember Epic hoping for 2.5TFLOPS consoles in order for them to bring real time global illumination in UE4. And, tbh, before generation started I was expecting MS to do just that. Alas...
Nevertheless, games still looks great, just not as great as it could've looked.