And then came Minecraft made by 1 guy rendering blocky graphics with basic animations. It was a real wake up call for a lot of developers, that success isn't driven by how realistic you can make a world, but something more fundamental. Most games with ultra-realistic graphics feel more like theme-park rides, where you have little or no affect on the game - as doing so would break the immersion.
After minecraft came out I quit the industry, and am far happier for it.