It's not bound by the tech nowadays, but by the sheer amount of time it takes to create a modern AAA game. It takes teams of hundreds years to make something like a GTA V or Destiny. People already resent paying $60 for games, so revenues aren't increasing. So don't expect the size of art teams to double to make noticeably prettier assets.
This is a rhythm game!
I dunno... GTA V was pretty amazing. If you're not a fan of the series I could see not feeling it. But as a fan, it is pretty incredible what they have done with it.
It's inexcusable for games on this gen of consoles to run under 60fps.