Raytracing produces realistic visual effects without requiring tricks like ambient occlusion, screen-space reflections, shadow resolution and so on, since those emerge as a result of raytracing anyway and are much more realistic. I'm currently rendering a Donut in Blender where the effects are clearly visible in comparison.
However, due to the high amount of optimization in visually impressive realtime rendering engines like game engines, I agree with you that I don't see many benefits comparing ray tracing in games with contemporary alternative techniques.
Nevertheless I think that's the future. In the long run, there's nothing better, i.e. more accurate, than simulating the behavior of light when it comes to visual realism.