It is more like we have to live with it than we tolerate it ! In the past, we did not have much, we put a knife cutting fog close by and stop drawing ( think Turok, Unreal 1 ), now the far clip is usually at infinity and we have to draw technically to the end of world, and we have to do it at higher resolution than ever before.
Memory and performance are not unlimited. The hardware deal with performance for texture on the distance, with mip maps, so only memory is an issue with them. Geometry is more complicated, if you draw a thousand triangle model in the distance covering 2 pixels, you will never hit the performance mark, and so we do have LODs. Well done LOD and transition can be impossible to see, but a game amount of asset has boom too, and LODs are more and more automatic geometry processing than artist done, with not enough time to inspect every single case.Then even with LODs, performance may still miss the mark, so the last LOD is just to not draw, hopefully, it happens far enough than you don't see it disappear, especially in complex environment that have the time to occlude it before that, but your world is a desert with a palm tree in the middle, you will have issue here !
Then for texture streaming, until we have a terabyte of memory for our GPU, we will have to deal with it, and then we will still have to deal with it because we always want to draw more. 4K need twice the texel density for four times the memory to achieve the proper visual ( no texture magnification ), 8K will be 16 times more !
The final though on that, most of the time, LOD transition and texture streaming are unseen because they work, but sometimes, you may have trickier location in games challenging your system or possibly all the players carry their own customized character, giving even less memory for the rest of the world. Then failure may happen, textures get kicked out more aggressively for what is on screen and because of that, they need more time to get back, giving even more trouble to the system.
My advice, if you do not want to see streaming and popping, play a game that does not need it, like smaller indie games that are likely to fit in memory.