I kinda get the commodification of games engines and Unreal. I am sure a lot of us saw the gaming revolution unfold, watching gaming companies one-up each other in graphics and interactivity. But once you get to the point of UE5, Unity, or Godot there is little need or value to make a game engine from scratch anymore.
Don't get me wrong, if you want to write an engine, go for it. But if you just want to make a game then an existing engine is good enough.
There was also a heavy emphasis on games being "cinematic" which necessitates photorealistic rendering.
AAA games have been pretty artless for a while now baring a couple exceptions.
Crysis 3 is over a decade old, still looks great and ran on hardware that wouldn't suffice for web browsing today. I haven't seen anything in games since then that justified a significant increase in system requirements.
So your argument is that game engines will just decay.