SSAO really is awful but it’s the best performing AO we could get for a long time afaik. It’s such a hallmark of 00s and 10s rendering that I laugh every time I see it in a modern release. There are some new solutions hitting the space, I believe RTGI/PT inherently handles AO, and there is even a new method called ‘FidelityFX CACAO’ which does look considerably more realistic. Things are improving… slowly.
AO is an approximation of how indirect light behaves. If you have an actual global illumination solution you don't need these tricks.