Well, that was dramatic.
As far as graphics go, I personally don't understand being all that bothered by GoW:R even if you do think you're missing out on potential graphical prowess by it being cross gen. Like, games have, imo, looked incredible since basically the PS3-360 days. Like, if you go back and play them now, yeah, a lot of them will have some bad textures or whatever, but technologically, we've been at the point where most games can be considered some degree of good looking. Now, artistically, obviously, is a different story, there have been plenty of games with ugly ass aesthetics.
But GoW:Rags hits both markers imo. It still looks really technologically good and it looks artistically good. So what I think it's being compared to is an imaginary version of Rags that isn't cross platform but doesn't actually exist? And I don't think we have any game that does exist that has PS5 exclusivity + the financial backing Sony's got. So it's a game that effectively doesn't exist except purely in the imagination.
Also, for my money, I really put a lot of value on other stuff when it comes to graphical quality. Like, are we going to maybe get upgrade animations for the weapons ala TLoU2? Are we going to get any water physics? Do we have to do 8 thousand fucking climbing sections to give the level time to load or can we just go? That's stuff we can't get from this trailer, but it will be visually impressive while playing. Trying to judge how good the game will look just based off this trailer will only give you the most superficial measure of it.