The progress is definitely slowing down, however. Far Cry was released in 2004 and looked amazing at the time. Crysis came out just three years later and was clearly a whole new level. That was 2007, or almost ten years ago. It still looks very, very good by todan's stanards, if not quite top notch. Crysis 3 is three years old now, and while it's a moderate improvement over 1/2, not much, if anything, surpassed it yet, certainly not to a degree that Crysis improved on Far Cry.
Hopefully it's been mostly an issue of consoles holding everyone back, but I'm not quite so sure any more. Processors are barely getting any faster, AMD's new cards are basically last-gen level of performance and efficiency, and Nvidia's, while a noticeable improvement, took two years to update.
Still, we'll probably hit that mark since it's not that far off. A 1080 can hit 50-60fps at 4k in most games, and simultaneous re-projection should enable stereoscopy at minimal cost. For VR, foveated rendering would also cut down on effective resolution significantly.
So we'd need double or triple performance, at least, with significant improvements to graphical engines and tech. Back in the day this would've taken a couple of years at most, but this is still doable within a decade.