I guess that is a pretty subjective thing that also varies depending on what games you already know, which genres you usually dip into, etc.
I see a lot of innovation, or at least a very successful and rare marriage of narrative and mechanics, in some games of the last two generations, but a lot of that also only makes sense within their own genres. It's certainly not Wizardry, Mario 64, Zelda 1 or Populous levels of innovation-newness-new genre.
(I am referring to games like Under Night In-Birth, as an example of innovation within a genre, and The World Ends With You or Danganronpa for narrative+mechanics.)
In the end though, I don't think it needs to be. Games like Her Story, One Night Stand, VA-11 Hall-A, Hand of Fate, Hacknet, everything Zachtronics does, Journey, etc are all getting at least a decent reception, one way or the other, while also feeling new and fresh enough. Even more when compared to the standard Ubisoft formula, the standard CoD FPS formula, the standard Bethesda RPG formula, etc.
And then there is an argument to be made for the emergency of Minecraft, the battle royale genre, the MOBA genre, etc too.