Metro Exodus is a massive outlier in terms of what devs do. They've done the raytracing alone on that game three times!
Most big budget games, that really get the best out of any specific hardware, are console exclusives, and even they generally need a couple of sequels to really show what can be achieved for those particular specs off to their best.
Most games by anyone that could actually do anything truly impressive, are the ones that are made by enormous teams, barely communicating, churning titles out on a conveyor belt, riddled with bugs and released with a 'we'll fix it later if enough people buy it AND complain' attitude.
Even CDProject Red, one of the few studios that will spend the time and effort needed to make a game truly sing as sweetly as it could, end up releasing a broken mess like CP2077, rather than a technical tour de force.
The fact is we are deep into the realms of diminishing returns with the upper limits of graphical design, with most games having barely any difference between High, Ultra and Max, beyond the skyrocketing price tag each level up requires to run, and 99% of developers spend only the effort needed of them to allow their marketing team to pump out bullshot trailers. It's the low end where studios more often specialise in complex development most studios lack the expertise or will to spend time and money going beyond what was thought possible for a game, opening it up for enjoyment by an audience most journalists and commentators never even consider, but that vastly outweigh the number of those capable of gaming at the high end of the hobby.