The point is that with ray tracing the indie game and the AAA game might not look all that different in terms of graphics. Right now AAA games use crazy 40-50 pass shaders and mountains of custom tweaked texture maps to get stuff looking like it does. With ray tracing you can accomplish a lot of that with almost zero effort.
Do you have any examples of the complexity of AAA graphics caused a game to either have its scope cut, or not exist at all? The only one remotely close to that is Destiny 1's devtools making created/editing levels difficult. However, that game had more fundamental problems, like needing to support the PS3 in addition to the PS4.