I think Nintendo are actually underrated in terms of graphics. Yes, they don't have raytracing, HDR and particle effects with billions of particles but the features they do use, they execute very well. Nintendo, like very few other developers in my opinion, get their basics right. BotW's engine is technically really solid and well written for what it does. Naughty Dog are another company that really have strong foundations in their engine as well. I also got that feeling from the Halo Infinite gameplay video (but I need to play it in order to be able to judge it better).
Ubisoft I would cite as a negative example of while their games look good and cutting edge, when you really look into them and take a look at certain details, one can see and feel that this is held together with duct tape and the effects are done on the cheap, like certain reflections cutting off, visibility of geometry not being handled cleanly, objects with transparency/alpha textures sometimes have the wrong order/lighting, etc. The small things that don't ruin the big picture but are there.
EA are weird in that regard. I find the Frostbite games by DICE are all quite well executed but as soon as another studio uses that engine, it apparently blows up. Worst offenders are the recent Need for Speed games that use Frostbite.