There might be a good reason for this. Raster effects were already really good in newer games, and ray tracing could only improve on that high bar. It’s filling in details that are barely noticeable, but creap ever so slightly closer to photorealism.
Old games start from a low bar, so ray tracing has dramatic improvement.
I’m an old gamedev and for me the goal of ray tracing was always photo realism.
Raster shaders can get you toon shading, enough photo realism, funky effects and so on.
I prefer going to the myseum and looking at impressionist art than photos.
But that’s maybe just me.
Look at Pixar and other Disney CG stuff. Raytracing enhances stylized art just as much as photorealistic art. Something like Moana or Elemental is meaningfully enhanced by their work on water and glass transmission simulation.