Also, baked lighting has another cost - nothing that is baked can be dynamic, and it has to be done during development, so it takes up dev resources.
Raytraced stuff happens immediately without tricks. All you need is the geometry and the materials to be accurate, and it should look right, no questions asked.
Once we get to a point where raytracing can be assumed even for low end systems, the problem where systems can't run certain games could become a thing of the past. I mean, if manufacturers weren't constantly bombarding us with planned & perceived obsolescence.