Nearly every game I've worked on since the mid 2000s has started with someone saying "this time it'll be hudless" We do a bunch of work on some kind of HUD replacement, and then testers and focus groups come back with "I couldn't figure out where to go," "I couldn't see the enemies," "it's very confusing."
You need to do the art very differently to make a modern game readable without UI. To a lot of art directors and focus groups, UI is less immersion breaking than the art changes that readability without it requires. Not saying it's impossible. Just requires a mind shift that AAA appears unwilling to take.