There aren't many games that fall into that category. For example, look at Direct3D 12. You can count on your fingers the number of games that require D3D 12, and it's supported by graphics cards made in 2011 (although not all of them).
Just look at the new API features we've been getting, they aren't really the kind of things you'd rewrite your engine for, with the exception of Vulkan / D3D 12 / Metal / etc. But Vulkan / D3D 12 are really just API changes that don't reflect underlying hardware changes.
On top of that, a large percentage of games are made on top of engine middleware with good support for mediocre hardware (like Unreal and Unity, both of which run on phones if you want).
Just look at the new API features we've been getting, they aren't really the kind of things you'd rewrite your engine for, with the exception of Vulkan / D3D 12 / Metal / etc. But Vulkan / D3D 12 are really just API changes that don't reflect underlying hardware changes.
On top of that, a large percentage of games are made on top of engine middleware with good support for mediocre hardware (like Unreal and Unity, both of which run on phones if you want).