> Keeping up with latest technology (graphics) is important for games, as those create the first impression. It is difficult to market a game built on outdated technology.

This only applies to some genres. There's a whole category or games trying to replicate retro feel. Cadence of Hyrule could come out at least 5 years ago. (reskinned necrodancer with new mechanics) Same for crosscode.

Another category are games where the impression comes from esthetics, not from tech improvement: Ori and blind forest, Hollow Knight, Rayman, ...

Then on an intersection of that are things like Katana zero. Sure, most fps games will chug as much power out of GPUs as possible, but that's not the whole world.