It does, only Sonylands still run somewhat significant amount of first party engines.
There is Ubisoft running at least 3 major engines: Snowdrop, Anvil Next, Disrupt and Dunia. EA still has Frostbite, there is the 4A engine, Remedy has their Northlight engine, Rockstar has their engine, Bethesda has the Creation engine, Microsoft has idTech, Void, Flight Simulator and Forza engines. Sony has several important engines (Decima, Naughty Dog, Insomniac
, Sucker Punches, Santa Monica, etc). Activision has their own engines, Blizzard too. IO has their own Glacier engine, Square Enix has their own engine for Final Fantasy games, Capcom has their excellent dedicated RE engine, there is also Source 2, Unity, Crytek and a plethora of in house custom engines, there is so much more than I dare to count.
As it is, Nanite is a far sexier offering than anything RTRT brings.
Crispy, crunchy texturework. Majestic really, UE5.2 Fortnite update made it look like a Pixar cartoon from 15 years ago.
To you maybe, others are captivated by the far more CGI look of Path Tracing.