First off, I'm not really a big fan of that Graphics vs. Aesthetic video that gets posted and quoted a lot. The basic distinction is incorrect. "Graphics" isn't "the technical aspect of a game's visuals". Graphics are nothing more but the visualisation of the game's content. Everything and anything that appears on a screen is graphics. The correct distinction should be "technical performance/quality/complexity" vs. aesthetics, instead of "graphics vs. aesthetics".
The more precise way would be to say "technical quality" vs. "design quality". That's what the talk is really about, and if we take it from there, my argument is that "good graphics" are way too often reduced to the technical quality, completely disregarding the design and expression aspects. My point is that I can't refer to something as good graphics just because it's impressive from a technical and performance point of view if the design direction is bland, uninspired and merely functional.
It's not a matter of "realistic" vs. "non-realistic", and it isn't about doing this other style that isn't AAA/pseudo-realistic. I'm not saying that every game should look like Zelda instead, or that everyone should copy the Blizzard cartoon style, or hop onto the Borderlands cell shading bandwagon. If they did, that would also be just another trend and just as bland, directionless and superficial like Witcher 3. I'm saying that every game should have its own distinct style. And that should be something deliberate, something with a strong vision.
I don't see that effort in a lot of games. It's just rare. And the reason why I'm poking at AAA graphics blockbusters like Witcher 3 and this Horizon thingy is because these kind of games in particular attempt to overplay their lack of expressive effort with technical feats. Hey, let's just beef up the polygon count like crazy, make all textures incredibly hi-res, really crank up the view distance and slap a really intricate shader on it, it'll look jaw-dropping. They're really counting on impressing with the strength of numbers and firepower alone and it's so incredibly underwhelming. One can CLEARLY tell where the most budget and development time went into, where the focus was.
A game could be technically impressive AND aesthetically compelling. I'm not saying that technical advancements can be disregarded. I'm saying that most studios, especially the big ones, tend to think it's the only thing that matters. And, what's worse, a good part of the player base has quite superficial and narrow-minded views on what they perceive as "good".