They get away with it because graphics have been "good enough" for a decade or so. Nowadays you only buy a better video card in order to play the increasingly bloated slop shoveled out by big studios with the same or worse graphics as 10 years ago. They'll just remove quality from the handlheld versions until it runs ok and gamers will accept it because what else can they do?
Raster graphics isn't going anywhere. Raytracing is a fancy toy that gives really cool results in Minecraft and slightly better lighting everywhere else but at tremendous processing cost. Meanwhile, the army of discount shortbus devs they hired can't manage to make destructible environments like Red Faction 2 on the original Xbox.