So many that would have been published in Japan but probably not the USA. Star Ocean, Xenogears, Suikoden, Vagrant Story, Breath of Fire, Dragon Warrior 7 or something, Brave Fencer, and adjacent ones like Parasite Even and even Bushido Blade. These are just off the top of my head.
> FF7 took it to the next level graphically but kept everything good about the gameplay
Respectfully disagree. FF7 is not an S-tier JRPG by any means. It was a regression from FF6 in that it was linear, had very 2D characters, inferior story and boss, and the fighting system was really basic and lame. But it turned a generation onto the genre and I played it recently and it has aged well in some ways. The Chocobo stuff was great and Golden Saucer for its time was amazing. So a good game but not a great one. Even in the list above quite a few are better. Xenogears in particular.
FF7 is iconic though and easily the most important game in the fanchise. Cloud is iconic even if he's sort of lame IMO.
> I feel like games haven't been as good since that era, but it's probably mostly me that has changed.
I'd agree that Ocarina of Time was probably the most anticipated game I've ever had. But modern games are amazing. They're just better in every way. I don't play nearly as much as I used to but games are just so refined and built on so many years of knowledge now.