This is very true. As an example, not much in the PT films ever looked real.
Yes, cheaping out is always the fastest way to "see " the FX. Always has been. I was addressing more the 'best of the best' in my original post.... as some CGI today is just as bad as olden times terrible blue screen where the actor is supposed to be in Venice but is clearly lit in a studio.
Also, we all know what we can do as humans and what we can't, so as soon as you see, for example, a flying man you start to look for 'how'd they do that'.
Anyway, I'm sure there's a bit of both -- audience getting savvy and cheapness going on simultaneously.