I've tested Nvidia's latest ray tracing magic in Cyberpunk 2077 and it's a no-brainer: at worst it's just better-looking, at best it's that and a whole lot more performance

You can have missing objects with real ray tracing. Like the player object itself generally doesn't need to be rendered so it might not even be added to the scene. Unless the player is looking down. If their arms are holding a gun or reloading, it might just be disembodied arms if you could move the camera to see it from another angle.

Or, different game, but in GT7, the ray tracing doesn't include vehicles' self reflections. Which is probably an optimization because every reflection ray trivially intersects with the object it is reflecting from, so it makes sense to skip the reflecting object, but then you miss cases where it should be reflecting another part of itself.

Yeah, anything with Ray tracing will have player reflections.

Cyberpunk doesn't/didn't by default though.
Last I checked you could kind of enable them in a config file, but the model used doesn't have a head so your reflections are that of a headless V.

Unless they fixed it, you were either a ghost/vampire or a headless chicken.
Pretty jank when you carry a corpse and the dead guy you carry has this perfect reflection in glass panes and puddles or whatnot but you're just inexistant.

Yea I know but it's still a bit lame.
You can enable an option to add the first person player model to Ray tracing, but it doesn't have a head (on purpose so it didn't clip in the first person camera), so you have decapitated reflections.
Same reason the player shadows are janky, first person models are often like that. You gotta adjust it so it looks good in first person but then it's all weird in third person.
There's technically a third person model, but it's probably not animated, so... yea maybe some day.