There are some very simple reasons why the visual jump isn't seen as significant from a technical perspective.
It's all about how graphics are being rendered, I won't go into it to much...
But to make Playstation 3/Playstation 4 titles "shine" developers used a TON of baked details for things like lighting and shadowing which came with a minimal corresponding requirement for more hardware resources.
Today? It's all dynamic effects in real time.
Environments are more reactive and dynamic because of that visually, but when looking at a still image, it's not going to showcase massive differences.
Dynamic effects require more resources. It's that simple.

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