Raytracing has always been possible. There are GPU demos of real-time raytracing back in 2010. But gamers typically care more about higher-FPS / higher-resolutions rather than more realistic shadows and reflections.
I think a "killer app" needs to be done. Ex: a game designed around raytracing: a stealth game using shadows to gain information around a corner (and worrying about the placement of your own shadow). That sort of thing...
For now, game developers have this cool visual technology, but no real way to integrate it into a gameplay mechanic that players really care about.