Like SPQR said, it is always a matter of taste.
-The VaM/DAZ3d figures have not THAT much polygons, there is a lot of smoothing going on.
But, yes, if you compare them to some low poly game figures, they have a lot more details.
-A big difference is the rendering process. VaM uses real-time rendering like in games, with some very big limitations from the somewhat old Unity version it uses. Things like correct surface occlusion, or sub-surface scattering for instance, are not working correctly.
This will be addressed in the future new VaM version.
You are right, current VaM figures don't look "next-gen", because they aren't.
-Don't compare real-time rendering with high-quality rendering (that takes many hours to render one single picture/frame).
-An other big effect have textures: You can do so many amazing things with elaborated textures.
The VaM/DAZ textures are somewhat high resolution, compared to others, but still not made for 4k VR headsets.
On the other hand, the "typical DAZ" look is a result of textures originally being made for high-quality rendering.
There are, for instance, (almost) no shadows baked into this textures, because the shadows would be added by the DAZ lighting and rendering process. Therefore they often looks flat, lifeless and artificial if being only realtime-rendered. They are also done in a somewhat "neutral" way, to allow a maximum of customization by morphs.
This is completely different to normal game-characters or other game textures.
Or maybe take a look at some custom VaM face textures made with tools like FaceGen. They have a lot of shadows baked in and many details from facial expressions. They are looking a lot more life-like, but have many issues with light direction, shadows and with different facial expressions, making them much less flexible.