Honestly the biggest thing missing in general lighting is usually rough specular reflections and small scale global illumination, which are very hard to do consistently without raytracing (or huge light bakes)

Activision has a good technique for baking static light maps with rough specular reflections. It’s fairly efficient, however it’s still a lot of data. Their recent games have been in the 100-200 gb range apparently. I’m sure light bakes make up a good portion of that. It’s also not dynamic of course.

So, what I’m saying is, raytracing will help with this, hardware will advance, and everyone will get more realistic looking games hopefully.