IMO, a major ingredient of raytracing running well enough in a game that also looks as good as any other current AAA title in raster-only mode has been DLSS. Raytracing is (or at least, at time of 2xxx series GPUs, was) still quite expensive to run at full res at resolutions (1440p, 4K) and framerates (60,120,144) that PC gamers demand. However, rendering raytraced games at a much lower resolution is just within reach for dedicated CUDA hardware. So DLSS makes up the difference with very sophisticated upscaling. Without DLSS, I think the raytracing in titles like Cyberpunk 2077 might not be performant enough.
In light of this, you might go back and see that AI and RT for NVidia have gone hand in hand, because one enables the other to be performant enough for AAA titles. Opinions may vary greatly on this, but personally, I don't think AMD's FSR upscaler is capable of matching what DLSS can do in this regard. (Intel's upscaling does seem to be capable of doing it, but very high performance parts are still some ways away from release).
In light of this, you might go back and see that AI and RT for NVidia have gone hand in hand, because one enables the other to be performant enough for AAA titles. Opinions may vary greatly on this, but personally, I don't think AMD's FSR upscaler is capable of matching what DLSS can do in this regard. (Intel's upscaling does seem to be capable of doing it, but very high performance parts are still some ways away from release).