Why can't devs deliver a "Next gen" graphics moment with PS5/XSX?

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Partly just diminishing returns, partly this gen's insistence on pushing for 60fps in almost every game while also trying to push high end features like nanite and lumen which the hardware can't comfortably handle at such framerates.

As mentioned, a lot of companies are also leaning too hard on image reconstruction like FSR to cut corners rather than optimizing their games to run at a decent resolution, which results in poor image quality.

For my money the best looking games on current consoles so far are Hellblade II, which runs at 30fps, (something more games should consider doing if they want to push technical boundaries) and Avatar Frontiers of Pandora which carefully pushes the hardware without going too far with demanding features.