I’m not on the ARC Raiders art team, nor have I even played the game. But I can say with some confidence that what people react to in computer graphics isn’t realism per se, it’s verisimilitude.

Right, too many games pitch the "realism" of "really like a Hollywood movie", reproducing effects which are really telltale flaws in cameras, microphones, or the theater-experience.

This is in contrast to the realism of "if you were there in person". If you step outside and look towards the sun and see lens-flares, consult an eye-doctor. If you see polyhedral lens-flares or bokeh... consult a roboticist.