Yes it has.
They've been out 2 years so where is this next gen?
Is having Series-S any better?
Dying Light 2 disagrees with you there.
I would tone down your expectations about this next gen leap you're talking about.
Series-X is barely 2.5x faster than One-X, a console that was struggling to run last gen games at decent resolution at 30fps.
New rendering features and techniques will only get you so far and both next gen consoles aren't anywhere close to the same upgrade PS4 was over PS3.
"Where is this next gen?" - developers have leant extremely hard into cross-gen development to an unprecedented degree this generation. It's simply taken a much longer time before developers are making the switch, and we've still seen very few titles really being built with the new consoles in mind from the get-go. This again, is extremely obvious to everyone, but you are going to refuse to acknowledge it.
Series S is a console for people who dont care about technical aspects. It will not be the baseline for this generation, plus the main weak aspect of it is something that is more easily scalable(rather than say, CPU demands). Again, something I'm 100% sure you understand fine.
Dying Light 2 does not go from looking last gen to next gen purely with ray tracing on. I mean, you've really gotta be kidding me. It's a decent RT mode, but go look at Uncharted 3 running on PS3 and then Uncharted 4 on PS4 to grasp what an actual next gen leap looks like. Better lighting alone cannot achieve this sort of leap.
"I would tone down your expectations about this next generation" - no, I wont, because I know how this stuff works. If you honestly think some last gen games with ray tracing will be the 'best' these consoles can do, I promise
you your takes will age absolutely horribly.
Man, you are seriously exhausting having to argue with, and I get the impression sometimes that is by design.