I'm wondering if I should even bother working on one or just wait for hardware accelerated RT to blow everything out of the water.
Personally i decided for the latter option.
I already use compute RT for the realtime GI project (multibounce diffuse and glossy reflections) i'm working on, but this is a special case implementation - it uses hierarchy of surfels instead triangles and aggressive LOD, also this allowed me elegant solutions for the data divergence problem of classic RT.
But i planned to implement classic RT as well for sharper reflections. I can still get some benefit from my surfel data structure, which is BVH, geometry and LOD in one thing.So they would be interesting and maybe promising to work on.
Then when RTX has been announced i decided to drop my plans. RTX is not perfect, but it can give fully accurate results for sharp reflections and shadows. I could not deliver this accuracy with my own surfel stuff.
And i would not want to work on compute full scene triangles raytracing, becasue after some years everyone will have HW RT on his GPU.
My personal assumption: If Crytek had known about upcoming RTX, they would not have worked on their very advanced RT solution either.
This leaves only two reasons to work on compute RT: For learning, and for fun.
Is it worth to work out your own compute raytracer for learning purposes? (Same question: Is it worth to learn how software rasterization works?)
IMO the answer is more no than yes. I mean, it is worth to spend one or two weeks on it, but it is not worth to optimize it so it runs at practical performance. This takes too much time for little practical benefit.
I would have answered differently one or two decades ago, but nowadays game technology became complex, and you can not know everything in detail. You need to specialize on something, no matter if motivated by actual needs or just interest. And it also means you can only learn a small piece of the whole thing, which implies time spent on learning is limited.
So, if you are interested in RT, there are many things worth your time: Importance sampling, light sampling, denoising, etc. It's a whole lot of stuff.
(I've seen your posts here - results seem incorrect. You might want to focus on a simple correct pathtracer at first, and ignore performance. That's worth to learn no matter how hardware evolves.)
But the technical implementation of RT itself (forms of acceleration structures, traversal and intersection) seems no longer in the hands of software developers. It's a hardware thing now.