If you look at HVVR, the need for hybrid rendering is near over.
I mean I hope so, but the timeline of that remains pretty unclear IMO. Furthermore even in that brave new world where we do RT for all visibility queries, you still need large parts of Nanite; the need for all the mesh simplification, LOD and streaming stuff does not disappear with RT.
I suspect with shader instructions for triangle intersections, you could already raycast into a nanite type hierarchy at around the same speed as rasterization.
GPUs still need some architectural work before doing anything that pops back to shaders in the middle of ray traversal is not a large perf hit.
That's really besides the point though. As I've repeatedly mentioned, ray cast performance is not even the issue that currently prevents Nanite RT from being feasible, it's primarily acceleration structure creation and update (which is tied to memory footprint and a bunch of other things). Under the current APIs, it is far too slow to be able to accomplish something at the level of detail and streaming that Nanite does. A lot of this could likely be improved with API changes even with current hardware, but I suspect some amount of fixed-function acceleration for BVH creation will be desirable in the future if things indeed go this route.
But of course the content is not a fixed thing either. As raytracing moves the needle of the amount and complexity of content it can handle, in parallel the art departments are pushing those limits further away as well. Assuming the BVH stuff gets improved it's very plausible to imagine rigid Nanite-level geometry being raytraced, but of course we've already moved on to semi-deformable stuff and alpha test, which Nanite doesn't love but raytracing loves even less. And of course 5.4 adds tessellation and displacement, which will definitely need some work on the hardware RT side if the goal is to raytrace primary and shadow rays.
All that said, I agree that it's not totally clear that it's worth the effort of adding any more fixed function rasterization hardware specifically for stuff like Nanite, particularly since it already works pretty well in most cases, and the cases where it doesn't are really not due to stuff like the use of atomics and other low hanging fruit for optimization.