It is enough for something. Obviously development of future AAA titles would be somewhat difficult. But there are plenty of brand new games capable of running on even integrated graphics.
If you think about it, game development will start some 2-3 years, or more, before a launch. So they use the latest hardware available at the time, and by the time of release that hardware level is more mid-range.
VRAM limitations depend on the detail level of the models you start with. Pre-optimization might be rough.