Personally, this screenshot from Gamescom 2017 gives me a sense of "smell".
https://i.imgur.com/NPjXwIp.jpg
I've been lucky enough to travel to South Africa once in my life and go out for a photo safari in the Bush at 6:00 am.
There was something special not only in the air, the smell, but also in the light. The combined effect was a unique feeling that people from there described to me as something specific to Africa.
I have a similar feeling watching at this screenshot from the surroundings of Bailu village.
The scattered mist and the range of colors going from very dark to vivid. The sun light above the Village tower.
All this gives me the feeling i'm there, at 6:00 in the morning. Almost smelling flowers and the nearby river, feeling the sun warmth on my skin.
It's honestly hard to tell (for me) what Suzuki San means exactly about Shenmue 3 graphics smell, but there's something in what we have seen so far that I don't recall to have seen in (many) others recent productions.