No, we literally have photorealistic rendering. It might not look real at all times but the math is true to the real world physics. That's literally what physically based rendering is.

The limitations in real time rendering are hardware limitations now, not software. But for regular applications, PBR literally simulates individual photons. It doesn't have a ways to go. It is already true to life and physically accurate.

But of course, even the best tools in the world can be misused by a bad artist.