I kinda get the commodification of games engines and Unreal. I am sure a lot of us saw the gaming revolution unfold, watching gaming companies one-up each other in graphics and interactivity. But once you get to the point of UE5, Unity, or Godot there is little need or value to make a game engine from scratch anymore.
Don't get me wrong, if you want to write an engine, go for it. But if you just want to make a game then an existing engine is good enough.
There was also a heavy emphasis on games being "cinematic" which necessitates photorealistic rendering.
AAA games have been pretty artless for a while now baring a couple exceptions.
Crysis 3 is over a decade old, still looks great and ran on hardware that wouldn't suffice for web browsing today. I haven't seen anything in games since then that justified a significant increase in system requirements.
I was unable to see any site that used webgl, which is almost all games site and many charting and graphing apps.
So your argument is that game engines will just decay.
The vast majority of programmers today don't even understand the basics of how-computer-work - not just microarchitecural considerations but even how to interface with the kernel efficiently / understand the performance considerations of their target platform.
Ask your average programmer how to say, simply perform I/O efficiently as possible on NT given some workload characteristics. One needs to first understand this before they can begin making concessions in favour of other demands (abstraction, flexibility, ect) and very few programmers can even get beyond the starting line.