In Japan, this stopped being a thing for smaller developers at the release of PS3. Look at e.g. Tales games on that platform, or even PS4. Not really far beyond PS2-quality assets, solid commercial success.
I'd argue that on modern platforms it isn't even a thing in the West anymore. Outside of the "AAA" space that is.
Apart from what Inuhanyou mentioned, Tales is also its own special case of expectations. I agree that talking specifically about resolution-driven asset costs is silly, but the greater overall thrust is that the expanded possibilities offered by new tech are naturally what users buy the system for and thus become a baseline - and Tales is basically the picture of the lone genre king left standing through constant engine investment and unmatchable asset extravagance, just for sound in its case and gated by vertical integration as much as raw dosh.