In addition to that we’ve passed that era of Moores law. New hardware is coming out with diminishing returns unless it’s big and expensive. We’re long past the era of every 2 years hardware is released with exponential returns in power and efficiency rendering everything that came before obsolete.
Hell even from an aesthetic point of view Red Dead Redemption 2 came out almost 5 years ago and with higher settings on PC still holds up as a pretty game. The biggest factor holding graphics back these days is development time and money.