Things are kind of heading in two opposite directions at the moment. Early GPU rasterization was all done in fixed-function hardware, but then we got programmable shading, and then we started using compute shaders to feed the HW rasterizer, and then we started replacing the HW rasterizer itself with more compute (as in Nanite). The flexibility of doing whatever you want in software has gradually displaced the inflexible hardware units.

Meanwhile GPU raytracing was a purely software affair until quite recently when fixed-function raytracing hardware arrived. It's fast but also opaque and inflexible, only exposed through high-level driver interfaces which hide most of the details, so you have to let Jensen take the wheel. There's nothing stopping someone from going back to software RT of course but the performance of hardware RT is hard to pass up for now, so that's mostly the way things are going even if it does have annoying limitations.