raytracing to avoid carefully designed baked lightmaps

There's some truth to your post but I gotta push back a bit on this one. Raytracing isn't so much a way to avoid having to generate lightmaps or cut costs so much as it is just an objectively superior option to lightmaps in terms of quality. In fact I would argue that Raytracing is maybe the singular reason games didn't quite look good enough 5 years ago. Polycounts aside Raytracing is basically the number one thing that's separated graphics in engine from prerendered cinematics that always seem to have that extra oomf. Lightmaps are largely generated by the computer anyway and even with raytracing both require an artist's labor to light the scene. The only downside and why you'd ever opt for lightmaps over raytracing is performance cause rendering real time reflections at 120fps in 4k is expensive.