https://www.ign.com/articles/capcom-reveals-its-working-on-a-next-gen-re-engine-codenamed-rex
Capcom quietly announced that it's working on a next-gen version of the RE Engine, the technology that powers everything from Resident Evil to Dragon's Dogma.
I know everyone loves RE Engine for how performant it is, whilst still looking pretty good. But that's mostly because it's based on technologies designed for 2014 hardware, we're really just reaping the rewards that come from Capcom having a good art team that can make that 2014 tech still look pretty good on modern stuff.
While I agree the art team has knocked it out of the park. The engine is really well optimize and because of that it has been able to keep up with graphics this mean years later.
Given the unremarkable difference in appearance I’ve seen on the “ultra modern” Unreal Engine 5 demos, I’m all for it. We can’t get the new generation right yet, let’s stay on the old where we can manage a consistent framerate.