Most still use chips or they use FPGAs. I don't think there is a discrete sigma/delta dac out there. My overall experience in audio is that the simplest approach is often the best sounding approach. The further away you get from nature, the smaller the defect that can be audible.
It is also why (with suitable speakers) SET (or pentode or transistor...or what Aries Cerat has now come up with) is considered by many as SOTA technology even though it is the simplest, most direct way to amplify a signal.
As long you didn't mean to say there's anything "natural" about the PCM recording and conversion process itself, I agree. You originally brought this point up referring to R2R. The resultant sound may be more natural than Delta/Sigma, if that were your point, but the conversion process itself is far from "natural" either way.
In this context, it makes somewhat more sense to say DSD is more "natural" (as in representing waveforms versus quantifying them) than PCM. Or I'd agree that e.g. asymmetrical minimum phase filters produce sound that's more natural than symmetrical filters in the sense that pre-ringing is literally unnatural.
From a more philosophical perspective, I used to be a purist in that I started out designing speaker that e.g. used minimalistic crossovers. I later built ones that used many more parts to achieve phase coherence in time-aligned designs. Given my experience with either approach over the years, I'm firmly in the "whatever works" camp now.
There are limits to simplicity. One of the most interesting experiences I've had in recent years was with the Lampizator. You know I love the sound of (most of) those, as indeed do several of our audiophile friends and acquaintances. A major fascination to me was the early passively filtered DSD board. Apart from the comparative listening sessions and the conclusions I drew from the myself, I also listened attentively to the comments of others who love these DACs, e.g. Christoph, Kedar, Michael and Norman (and others), in particular how everyone (on these forums as well) kept extolling the superiority of higher-rate DSD (128fs, 256fs etc.). Then there was the interval in which the earlier PCM conversion was replaced with an R2R board. I wasn't surprised when both were soon after replaced by chip set(s) of unknown provenance, at least as far as I've been informed.
The problem was a lack of treble extension with DSD64 playback, along with some unavoidable phase issues. I loved the midrange in particular, but quickly realized people didn't stop referring to the superiority of higher-rate DSD for a reason. Now, a simplistic approach may have its virtues, but if what it does is to get aficionados to listen to the same handful of higher-rate audiophile DSD albums over and over again, then in my book, this is a serious problem. A DAC is not supposed to make people listen to a file format, but the music they love regardless of what digital format it comes in. Much less one its fan community consider SOTA.
Years ago I owned a R2R DAC that was passively filtered that suffered from the exact same problem. I loved it, and replaced it mainly because it was limited to 41kS/s and 48kS/s PCM, when I finally happened upon an alternative that was digititis-free. While I'd consider a lack of treble extension unacceptable in a SOTA DAC, that early little thingy only cost 1'200 Swiss Francs or so, and back in the nineties, finding a digititis-free DAC wasn't as easy as it is, comparatively speaking, today (I'm repeating myself, but I'm shocked there are still ones out there).
The Aries Cerat amps (I loved the four or so different models I've heard so far) are a great example for what I do NOT believe simplicity is: countless so-called simplistic designs are flawed and/or sound mediocre. If it were true that elaborate designs are flawed more often on average, my guess is this might be due to the fact that they're more elaborate. But then, logic would have it that fewer elaborate design must be built by clueless people because it takes engineering chops to build elaborate design. Having said that, it's hard to keep clueless people from doing anything whatsoever. Stavros clearly isn't clueless when it comes to amplifier design. Simplistic or not, amps don't build themselves. Nor, for that matter, do DACs.
Greetings from Switzerland, David.