Unreal Engine is legit going to be the backbone of almost every AAA game in future innit.
I'm not a developer (like Yop is), but in my limited understanding I have mostly positive feelings about developers moving to more universal engines. The downside is when it's publisher-forced, see Bioware and Frostbite (groan). Though I think even the next Dragon Age game is going to be in UE.
Square Enix, I was happy when they announced initially that remake and KH3 were going to be in Unreal Engine, because it means we're not shafted with something like Crystal Tools, which was foisted on a few projects (XV) likely due to sunk cost fallacy.
At the same time, I am a little bit sad in terms of like, the technical creativity. Most developers have proven in recent years that building their own engines for projects is a bad idea when something that's built to be easy to develop in (Unreal) is readily available, but I do feel a kind of bizarre nostalgia for things like the absolute frankenstein that is the technical build of Square's PS1 games (particularly VII). I spent a lot of time trying to understand the file structure and code, and really looking at some of these older projects they're just immensely unique from a technical angle in a way that modern games don't have to be.
I get that this is a good thing for development and asset creation and stuff, I'm mostly happy about it. I just think regardless of how ridiculously versatile the Unreal framework is, there's a loss of innovation/ uniqueness when it's all we have.
And as trash as the red engine or whatever it's called happens to be - I know even TW3 was a buggy mess when it launched - were people not amazed at the scale and scope of the game when it launched? Do we think that would have been achieved if they hadn't developed their own engine? This is a theoretical question, I don't really have an opinion one way or the other.