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TranceformerFX said: 

The night & day difference we saw with the PS2/PS3 graphical leap wasn't nearly as apparent when we went from PS3/PS4. This unavoidable reality is really gonna hit home once PS5 lands, and PS4 Pro/4K TV owners are going to be potentially underwhelmed the most out of the PS4 consumer base.

I agree that diminishing returns is a real issue, but, a lot of early Playstation 3 games looked fairly similar to Playstation 2 games. When a console is near the end of it's life and it's successor is in the beginning of it's life is always going to be when there's the least amount of difference. People also constantly forget how older games looked and often believe them to have looked better than they actually did. Hell, you still see a lot of people comparing any unimpressive Xbox or Switch game to Playstation 2 titles, when there's obviously a big difference in graphically quality.