The budgets ballooning to these exorbitant amounts is a Hollywood-wide problem. Every movie these days is a blockbuster, needing to make nearly a billion dollars to break/even. An insane proposition, considering thia means they expect the average moviegoer to see a movie nearly once or twice a month! With the cost of every day life rising, no one is spending their money on this sheer act of greed.
As for why the movies look like trash, that's because VFX artist are pushed to the breaking point and the studios put against each other for barely any pay. I think it was last year or the year before, while a movie was praised for its VFX and claimed many awards, the studio behind it was filing or bankrupcy. So yeah, the VFX studios are treated like shit and that's why your movies look like shit.
None of this is going to change any time soon btw. With more and more of the market share being consolidated in fewer and fewer players, less and less risks will be taken. Bland and boring will continue to be the norm, it has to appeal to as many people as possible. How else to recup on those ridiculous budgets.
Though, 1 silver lining. 2023 was an aweful year for the entire film industry. Disney alone lost almost a billion dollars. That might be the catalyst for positive change in the industry.