I remember folks back in the 6th gen saying that original Xbox/Gamecube graphics were "approaching photorealism" and that games couldn't look much better than Resident Evil 4, Doom 3, Halo 2, Chronicles of Riddick, etc.
Now compare those games to something like Hellblade 2, Alan Wake 2, Avatar Frontiers of Pandora, etc.
While the rate of advance does seem to be slowing down these days, I'm wary of ever declaring that games can't look much better, simply cos I have seen this claim made in every generation for the last 25 years, and so far its always been wrong.