It's not just a time limitation either tho, it also opens up a lot of room for artistic direction and game design

I don't think you could possibly make something like Control's shiny black blocks world look decent without raytraced reflections.

Also anything with significantly large dynamic geometry usually either needs like half of the level file size to be duplicated for every possible state, or some form of raytracing, to work at all. (There's also things like voxel cone tracing that do their own optimized tracing but they also don't really work in 100% of situations and come with their own visual downsides)