apple m series chips are more than capable of amazing graphics in AAA games, it's (m max) far more powerful than ps5 or xbox series x and look at what those consoles are outputting... the problem is the developers need to OPTIMIZE their games to use metal and actually put in some effort to learn the optimization - same as how later generation ps/xbox games have way better graphics than the initial games, because devs have experience and know how by then.
Instead of just half assed conversions or going through the non-native route. That's the blocker, devs just dont want to invest the effort and i dont blame them given apple's complete lack of interest on gaming for desktop macs. It's not the mac hardware or software, if dev spent just half the time they do on ps5/xbox games, the end product for mac will look beautiful. Baldur gate 3 is a prime example of that.
Also just to set some expectations as there seem to be so many clueless newbies whose only experience with gaming is ios. If you have a baseline m chip with 8gb of memory, you are not running 4k ultra setting aaa games, just because it's mac doesn't mean the cheapest hardware will run aaa games, it's ludicrous to cry about that, just like trying to run it on a celeron pc with integrated graphics.... On PC you need a ~$1500-2000 machine which will get you a rtx 3070 with 16+ gb memory to run it at high setting. Same for mac, m# max is where it's at for high setting aaa gaming.
With m3, i expect a major bump for gpu power in addition to ray tracing, a m3 max should be able to stand toe to toe with a very decent high end gaming pc. It will also be curious to see how m3 ultra works if they fixed all the problems, they had a lot of issues with m1/2 ultra not working expected with games (ie lower frame rate than m max etc..) i guess due to connecting 2x max chip together....generally for mac gaming, you avoid m ultra. m max is where it's at....but if apple ever fixes all those problems, then m3 ultra will be a beast.