The games aren't looking better now than ps4 games because they still are ps4 games and mostly began developement during ps4 era.
When you now take 5 years or more to make a game and the generation lasts only 6 years, it's obvious that there will be issues. When Sony got the live service strategy and canceled games this year, it'll mean that we won't get games from these teams before 5 years, therefore as ps5/ps6 games. Considering that these days, a new game should be planned for ps6 as it will release in 2030.
Pro versions ruined the jump in technology between generations, plus the time it takes to make games now.
For example, we got 3 final fantasy from nes era to ps2 era (counting ff11), only 12 in ps3 era (counting ff14), one on ps4 era, one in ps5 era, plus a remake whose last part will be release much like remake, months prior ps6 release, with a game announced in 2015.
And we were tricked into thinking that games were graphically improving since ps2 era. Let's face it, play a ps3 game with rca and then use hdmi. If you keep rca and compare god of war 2 with god of war 3, huh...
Ps3 gen was "full hd gen", then we got ps4 "true full hd gen", then ps4 pro "promise, it's 4k now" and then ps5 with 4k with a performance mode which isn't really 4k...
Compare demon souls ps3 with elden ring ps4 and tell me it was worth waiting 2 full generations for such improvment (as elden ring is not technically great and is also a ps5 game at 25 fps and unplayable in 4k quality mode with ray tracing on normal ps5 (I'm currently playing it))
When i watched the state of play earlier this month, i was like "ok" when looking at the graphics of the games announced for 2025 and 2026.
The days of "wow effect" are gone, long gone.
I've bought a ps5 in 2020 for demon souls remake and i'm having hard times finding games looking better or even equal to it. We're in the middle of this dreadful generation.