UE4 isn't a failure.
Many good-looking console games are using it: Ace Combat 7, Gears 4-5, Dragon Ball FighterZ, Soulcalibur VI, DQ XI, Tekken 7, Hellblade, Days Gone...
Even Square Enix replaced Luminous Engine with this.
Unreal Engine 4 is crap compared to the other game engines I mentioned here. These engines do high fidelity graphics at sometimes 1080p 60 fps on base consoles. Unreal engine 4 games are not as graphically impressive, and run at less than optimal resolutions and framerates on consoles.
Dragon Ball FighterZ is the only Unreal Engine 4 game on consoles which runs 1080p 60 fps but it isn't graphically impressive while Soulcalibur 6 and Tekken 7 are the only other 60 fps games with decent visuals but are 900p games.
Nope. Gran Turismo Sport is the best looking 60fps title this gen.
edit: UE4 a failure? By what metric?
Gran Turismo Sport is definitely up there but Devil May Cry 5 looks amazing on Xbox One X and is 4K 60 fps.
Read the above reply for why Unreal Engine 4 wasn't that good.
I'd consider Yoshi's Crafted World as one of the better uses of UE4, so nah I completly disagree with OP ... especially when Bayonetta 3 is lurking right behind waiting for Gameplay reveal.
Yoshi is not close to being graphically impressive in any shape and form. We haven't seen anything from Bayonetta 3 but as its a Switch game it will not look as good as Devil May Cry 5.