The second trailer did look a bit different.
The first trailer looked a lot more cinematic. The second one looks like it was properly in engine, as how it could look when we play it.
The Second trailer also has two types of footage I think. When you see a bit of ‘gameplay’ it looks different then some parts that are truly cinematics. For instance the part with the woman saying; you are the only one I trust. Looks alot different in quality then when the main character throws a lasso. Ofcourse these are two completely different scenes, but the difference is noticable.
I think the first trailer was made with everything turned up as high as it could go, and also is in engine. Maybe some filters. Just when you play the game the eye candy is turned down because you got a world of characters and mechanics running, not just one shot at a time.