This is my stance. Graphics no longer matters any more. FFXIII and FFXV both tried to be pioneers in graphics (or to be shiny in particular) so much they failed to see and address the gaping holes in both storytelling and characterization which are basically the primary pillars of being a Final Fantasy.
Storytelling and characterization might be pillars of Final Fantasy, but they're not the series' Unique Selling Point (USP). FF's USP -- since at least
FFVI, if not earlier -- is immersion in an extraordinary kind of experience that other games can't provide, and crazy graphics has always been part of that. (I am absolutely convinced that it's Sony's "prestige games," not current RPGs, that are the truest descendants of 90s Final Fantasy.)
a point after which graphics are largely irrelevant, but that point sits somewhere far closer to Death Stranding and TLOU Part II than it does FFXVI. And that's not even mentioning setpieces, which are a big part of FF's USP but are an unknown quantity in XVI.
I actually think that the graphical quality looks really good so far. It looks like it's stable where it is and doesn't have issues running at the quality that it's currently reaching. Would it be nice for it to be better? Sure, there are some things like the summons and the wide shot of the world that could be improved. But, overall? The model quality is really good, the textures are looking really good. Not really sure what there is to complain about in that department.
The game seems to lack PBR outright, which is a pretty major omission in 2020. =/
For reference, here's XVI Shiva:
And XV's Garuda:
The materials used for Garuda and her accessories seem a whole lot more naturalistic than the ones used for Shiva and hers, which is exactly what would happen if XVI didn't have PBR.