Lifthrasil: No thank you. Usually I don't care about graphics. Gameplay always comes first. But many of these awkward 3D-craze games unfortunately sacrificed playability just to be 3D for 3D sake. And it looked ugly! Mortal Kombat was already mentioned. The transition to 3D really hurt. Lots of adventure game series ditched all 2D point and click virtues for ugly 3D graphics, wooden animations and broken controls. That was really a bad time for gaming!
This. I absolutely hated early 3D games back when they were new. I felt like everyone must be insane for the industry to go from beautiful, smooth, detailed 2D to those ugly, blocky, jagged polygons. It's why I originally missed most of the classic shooters from the late 90s. I'm actually much more forgiving of those graphics now, but only in old games. Intentionally mimicking those graphics now is nothing but an update (from all those "love letters" to pixelated graphics) of the indie low-effort strategy of cashing in on nostalgia.
Now, I'm sure some indie games with those kind of graphics will turn out all right, just as some pixelated indie titles were good, but "new frontier of indie style"? Give me a fucking break.