Between virtualized geometry and raytracing the amount of work to make a game is steadily going down. Artists can simply make objects at full quality (no more manual LOD creation!) and put stuff in a scene and the lights _just work_.
As for LOD creation, there are things like https://www.simplygon.com/ already.
I have been wondering for a long time if there are tools or massive innovation that bring the cost of building games down by a significant amount.