CLAIM #1 - No matter what the generation, developers will ALWAYS need to start their learning process of the hardware all over again from ground zero.
Having said that, many people also believe that with a given hardware architecture that has been thoroughly benchmark against a known example (i.e. PS5 vs 2080), that this architecture isn't being utilized to it's full potential concerning graphics technology - despite no remarkable change in graphics algorithms, which leads to claim#2
That's conflating multiple things here. Most generations in past 2 decades, the learning process was almost entirely down to the changes in useable algorithms - not hw utilization. And yes - that includes the beginning (PS2 gen) and the end (PS4 gen). Whether or not said algorithms pre-date the consoles (most of the time they did - sometimes by several decades), isn't really a topic of the debate.
To do some lists - PS2 gen popularized accumulation motion blur, pseudo-HDR/Bloom, image post-processing, realtime-volumetric shadows, and eventually (Tail end of it) normal maps.
360 - full HDR, shadow-maps, large open worlds, screen-space lighting, POM...
PS4 - PBR, temporal-AA and upsampling, image reconstruction, realtime GI etc.
None of the lists are exhaustive - but point is more that software took time to adopt things over time, or even pick what was most impactful. You can argue this gen is 'different' - but we have multiple variables that are subject new experimentation (RT, VRS, SSD, heck, probably practical applications of ML too), in addition to just playing with more compute. Realtime isn't just picking off a laundry list of algorithms based on assumptions what fits - that's only the starting point in every project.
CLAIM #2 - The hardware is nowhere near fully utilizing it's GPU at the start of the generation.
Finally, people think that relationships with technology and output are exponential combinations. The phrase "if the game looks this good at the start of this generation, imagine..." gets said over and over again in threads concerning 1st party games.
I mean - you may want to define 'utilization' first. Even some of the PS2 launch titles had high-utilization at points, especially those that didn't run at 60 - they just weren't doing particularly useful stuff with it. And while hardware is a contributing element, and that absolutely impacts all console launches, that never yields 'exponential' improvements - we're talking 10s of %s.
But the 'useful' stuff changes as the approaches evolve, as per point 1 of course.
CLAIM #3 - Graphics technology has an exponential output based on linear time. A game today will look exponentially better in 2-3yrs.
I want to see the receipts on who ever said this. I get people get hyperbolic online - but really, has anyone said that and 'meant' it, ever? Like
exponentially, really?