There is an interesting discussion about the need for ray tracing in one of the later Digital Foundry videos. The argument goes that sometimes baked lighting is impractical due to the size of the maps and how much dynamic lighting you need. The latest Doom game is one such game where light maps would be 100s of GBs. But I guess most other games are fine with baked lighting.
There's also much cheaper methods of dynamic lighting that aren't real time ray tracing. You can approximate, you can cheat, and it will look almost as good.
