My feeling is that, like VR and strong AI, we are still a ways off.
OTOH, even if raytracing just gives very low-quality, but acceptable results, it could be a great way to sell more powerful GPUs. The thing is, for low-quality to be accepted, it must be better at something else. (Like, smartphones were less powerful than PCs, but portable and convenient).
What does raytracing have going for it, even without throwing pixar-scale resources at it?
e.g. without the need to fine-tune layers of hacks, it might be better in dynamic, non-designed environments; or, for graphics to be put together with less (expensive) expertise and time.