Have to say, I agree.

That said, the low-poly PSX look (more akin to Resident Evil than Eyesore Fighters Eight [or whatever it was]) is apparently becoming a nostalgia of its own... here's an article from USGamer on the subject but if you don't read it all the way through (or don't read it at all) one pointed observation it makes runs along these lines:

I do wonder, though, how much appeal experiments like Back in 1995 have compared to games attempting to capture the spirit of different eras. A kid born just ten years ago could pick up Shovel Knight and appreciate the graphics, music, and overall feel of the game--even if you haven't played what it's referencing, "8-bit" has become a style divorced from the machines that birthed it. And, given the timelessness of the form, it's easy to find games made upwards of twenty years ago with more work and artistry put into their 2D assets than a modern take on the style: We may have gorgeous games like Ori and the Blind Forest and Vanillaware's releases, but it's still difficult to find contemporary spritework on the level of something like Super Punch-Out!!, or basically all of Konami's efforts throughout the 16 and 32-bit eras. But the charms of PlayStation graphics are limited to the time they still managed to impress--after that, they were doomed to forever look old.

-Bob Mackey

But then again, towards the end of the PSX era SE really made the PSX look amazing - say, Final Fantasy IX. Those backgrounds were hand-drawn and still look gorgeous today. The only let-down now is the polygons, and even then SE put in as many as they could into characters. Upgrade the polygons, put the art in hi-res - you'd have a game that stands up visually to any of today's.