original material was not set up in a realistic fashion
That is the case for 99perc. of existing content, even post-PBR era of materials.
The converter does one thing wrong (because otherwise the way it converts proper materials is
very nice, it takes into account everything, but that's not what people use converter for mainly):
It tries to correct those materials that were setup incorrectly. Majority of use for converter is 3rd party assets, not our own scenes. So Evermotion, 3dSky, DesignConnected, etc.. And it fails for all of those.
It converts perfectly my own LegacyMaterials. But I don't need that as much.
I believe there are ways to alleviate that by simply having the converted material remaining weird nonsense even if it was like that previously. The new PhysicalMaterial can be abused enough to map over most of content. That is much better result than ending up with metallic books.