It makes sense that those in their 40s and 50s are driving the need for constantly-improving visuals. Those of us in that age group saw the progression from Atari 2600 graphics to 4, 16, and then 256-color “photorealistic” VGA graphics within a single decade. And we got addicted to the improvements. I still remember eagerly awaiting the first Test Drive game since it promised to put you into the cockpits of those cars more than any other game could’ve at that time. The differences were stunning until things seemed to level off over the years to now when you have to sit uncomfortably close to your TV to notice all the differences between the PS5 and PS5 Pro. The old low-res games are still fun to play for some reason, and now devices made to run older games are starting to have OLED screens, fast CPUs, and ways of boosting resolution well beyond what the older games were designed for.
As a Gen Xer in my 50s I totally agree with you. I started gaming (coin op) in 1979, soon Atari 2600.
After owning a Sega Saturn and PS1, then "upgrading," to the under rated "Dreamcast," the jump in graphics was glorious! Next The original Xbox, another, but less striking upgrade, and finally the 360 and PS3.
After that I moved to PC, and was still focused on graphics a fair bit.
The GTX 580, still significant improvements which enhanced games, but starting to be less of a wow factor.
The excellent GTX 1080ti was the last time I considered graphics to be very important.
I should add that choosing good games that are fun, regardless of graphics is a constant, and always will be. It's just that better and better graphics make up less of the overall attraction for any particular game. Meaning they don't enhance games so much, as graphics have already reached an incredible level. (Compared to, say PS1)
I continue to upgrade, but graphic fidelity alone is no longer the main reason. Simply I want to play the latest games at decent frame rates and settings.
Anyone who is considerably younger will simply not have lived during the days of huge leaps and "wow factor," improvements in Graphics.
How good do graphics need to be? For me it's now about gameplay, novel ideas, and other things like running well without crashes.
Having said all that, I still love to see new graphics tech and excellence. It's just not as exciting as it was.