Baked lighting looks almost as good as ray tracing because, for games that use baked lighting, devs intentionally avoid scenes where it would look bad.
Half the stuff in this trailer (the dynamically lit animated hands, the beautiful lighting on the moving enemies) would be impossible without ray tracing. Or at the least it would look way way worse:
Its kind of interesting to me how conservative the IT industry is with stuff like this.
The industry loves to say "move fast and break things" or "innovate and disrupt", but that generally only applies to things that can be shat out in a two week long Python project (or shat out in 2 weeks after publicly funded universities spent years figuring out the algorithm for you). For anything foundational, like CPU architecture, operating systems, or the basic assumptions about how UI should work, they're terrified of change.