Probably not gonna happen you're gonna have to get used to $700+ consoles and $80 games eventually, sky high costs for GPUs.
I think the graphics pipeline will change though. If you look at most 3D games, the "background" is largely non interactive and any given time.
What I think will happen is those background elements will be offloaded to AI image generation, and because it's image generation (just photogrammy basically) the background can then even be photorealistic without incurring a performance cost.
Then the main game engine I think will just be responsible for only rendering the on-screen hero + the nearest 2-5 enemies on screen that the player can immediately "fight" with lets say. But given that, you'll be able to use really high poly/detail models as you're not rendering anything else traditionally.
But this will allow even phones to have games that appear almost photorealistic. You may have to "load" in almost like a shader cache (basically the AI cores get loaded in what the environment looks like photographically from multiple angles/distances and then understands how to display the background from any angle) for a few years but eventually that will go away too.
