I think ray-tracing has been an incidental side-effect of Nvidia finding out the ray-tracing algorithm ran well in their tensor cores. Imagination and a few other startups did it years before but they were no threat to Nvidia or RTG at that point.
While I do agree that Ray Tracing, DLSS along with other features that Nvidia has come out will eventually be something that will fade into the background, it doesn't really matter because by that time, something new will come out that Nvidia cards will be great at and the cycle will restart. Just like how it doesn't matter that PhysX or Tessellation is something no one cares about these days since all cards can essentially do them but the fact that Nvidia cards could do them better than AMD cards for so long allowed Nvidia to be in such a dominating position in the GPU market share.
Like no one who is buying a GPU today cares if Radeon can do Ray Tracing/etc as fast as Nvidia in 2028. Cause in 2028, Nvidia will move the hype to God Tracing or whatever.
PC Specs: CPU: 7800X3D || GPU: Strix 4090 || RAM: 32GB DDR5 6000 || Main SSD: WD 2TB SN850