Trying to refine this into a clear question I'd make this attempt: Does it make sense for consumers to trade transistors away from the mainstream path of today to dedicated RTRT hardware?
And my answer to that question, at this point in time, is no.
If the efficiency picture changes drastically, so would my answer.
The answer of course is, it doesn't really. Nvidia made some great advances with its latest architecture, but those advances have to do with raserization. Moving to task/mesh shaders is great, it unifies and simplifies pipelines for developers, allowing ease of development for certain kinds of programming and faster operation on less silicon. Both are a clear hardware win, and I greatly hope AMD implements something with relative parity on the PS5/XBS.
But Nvidia's dedicated BVH/triangle hardware that takes up extra silicon, AND Microsoft's DXR, are both steps backward. They were designed by hardware enthusiasts wanting to overcome a very specific, narrow problem without regard for programmers or consumers. Programmers want flexibility, they want to be able to program things. Microsoft's ridiculous "do it our way by fiat!" has ruined and delayed far too much graphics hardware. Fixed tessellation pipelines have resulted in a barely used feature for a decade now, geometry shaders were an MS dictated feature that has proven entirely useless, and now they want to ruin raytracing through their tactic of being "too big to ignore" as well.
Raytracing was already coming. UE4 has had signed distance field tracing for years now, it's shipped in Gears 5 for distant shadows. The Hunt: Showdown and Kingdom Come both use Cryengines voxel cone tracing. Control's signed distance field cone tracing, whatever that is specifically, runs on modern consoles, looks great, and is blazing fast.
But now because the great dictator Microsoft has decreed it, many engines have abandoned fast, programmable tracing to concentrate solely on BVH triangle tracing using specialized hardware that costs consumers extra money, gives programmers a narrow corridor to achieve anything, and is frankly quite slow for what it actually achieves. If this continues then McGuire is right, it will take years before specialized RT hardware is required, because it's slow and painful and costly. The only other option is that AMD and Microsoft's actual game developers, not some isolated hardware lab dudes, convince MS that programmable, unified RT hardware is the way to go for XBS, then RTX itself will be seen as a curious, low compatibility experiment, but consumers will ultimately win.