Your comment seems to be ignoring the fact that today’s graphics look better than yesterday’s, i.e. the main point of the comment you replied to. The monotonic trend toward realism has continued ever since computer graphics was invented 40ish / 50ish years ago. VFX and games from 10 and 20 years ago look much less realistic that today. In addition to stills, there is an increasing number of videos and film scenes that are getting harder to distinguish from shot on film. Are you saying the trend will stop? If so, why?
> we do not understand how to make graphics look real
> none of those equations work
Why do you claim this, and what do you mean exactly? Surely you aren’t claiming we can’t make any graphics look real at all. Some people are getting pretty good at understanding how to make some graphics look real, even if we aren’t. The math for approximating materials and lighting is getting pretty good these days, and the equations have been changing over time. It’ll continue to improve, but it’s certainly not the main thing holding CG back today. IMO less realistic CG comes much more from low resolution or low fidelity sampling / geometry / textures / animation / input data in general. Most of that is due to lack of time & money.
I’d say we understand how to make graphics look real in many cases, but not in all cases. We understand how to make good looking graphics, but how to do it quickly and efficiently enough to be practical and done with limited time and effort is an open problem.