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Anon turns on raytracing
(sh.itjust.works)
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Reflection probes are one way. Basically a camera drawing a simpler version of the scene from a point into a cubemap. Decent for oddly shaped objects, although if you want a lot of them then you'd bake them and lose any real time changes. A common optimisation is to update them less than once a frame.
If you have one big flat plane like the sea, you can draw the world from underneath and just use that. GTA V does that (like ten years ago without RT), along with the mirrors inside. You could make that look better by rendering them in higher resolution.
https://www.adriancourreges.com/blog/2015/11/02/gta-v-graphics-study-part-2/
Where RT is visibly better is with large odd shaped objects, or enormous amounts of them. I can't say it's worth the framerate hit if it takes you below 60fps though.
I haven't personally played a game that uses more than one dynamic reflection probe at a time. They are pretty expensive, especially if you want them to look high resolution and want the shading in them to look accurate.