...here are some RPGs and and similar games from the last 15 years that had day/night cycles...
Most of those examples all had
cosmetic day/night cycles - NPCs didn't go home for the night to sleep, go to the nearest inn for lunch or spend most of the day at their workplace.
The only recent examples of RPGs with NPCs that followed day/night schedules that I know of are the Witcher and Witcher 2. It does provide a major benefit in making the gameworld seem more plausible when you have to wait till daylight to visit a vendor or go to an inn to find someone on their lunch break.
But it is significant effort for a developer to add it to a game due to the design overheads (providing a schedule for every NPC, ensuring that everyone has a place to work, eat and rest, etc) so I can understand (with gritted teeth) Larian dropping it, though it is a great shame.
