Physically Based Rendering has become the dominant approach in VFX because it's a huge simplification and productivity boost. Integrating tons of special purpose hacks into one renderer isn't just hard for the renderer devs, the control parameters exposed to artists become an absolute nightmare. Combing the PBR perspective with raytracing greatly simplifies both sides of this.
Not every game is trying to be the next Far Cry. Ray tracing will be adopted by teams that value that unification and simplification over getting the very last bit of performance possible by a pile of hacks. As the hardware improves, which still seems likely, we'll see the balance point of who makes that call shift in favor of tracing IMO.