Help me understand why graphics matter sometimes

Graphics. That contentious pc master race meme which has already been discussed to death. I want to talk about it for a little bit more.

I've never really cared that much for graphics. Gameplay has always been the most important thing and still is. I have no problem playing games looking like spreadsheets, digital rain or plain maps such as these. Each of those examples are in active development. Not games influenced by nostalgia and "that's just the way games looked back then." They are modern titles.
But recently I noticed I dismissed a game almost solely on graphics. I could not get excited over KoF XIV. Something was wrong. I felt the graphics had been downgraded to something unrecognizable and boring. Something about the shift from the rotoscoped sprites to 3D almost made me upset. Static images might not be the best example. But it's what was easiest to dig up.

Even more upsetting is I don't know why it really matters this time. So as I've been wonder why graphics mattered in this particular case. I also wondered, what about other people. How much weight do you really give to graphics yourself? Do you have your own exceptions? Be it that one ASCII roguelike you can stand. Or that one cutting edge AAA title you just can't stand the look of.
Perhaps I'll understand my own thoughts better if I get to hear yours on the matter.