I'd say that it is rather obvious that ray tracing is not a new thing, since it is simulates how light physically behaves. I consider this 3d rendering as a spectrum: rasterization requires little computation but has little to do with physics. Ray tracing is what requires a lot of computation and has everything to do with physics. Somewhere in between are hybrid methods: rasterization with ray tracing components adde…
I think ray tracing is at best an ad-hoc model for light that produces nice results, but physically based it isn't.