I decided to change the thread from it's original post since we did get confirmation that the PS5 will have ray tracing support. There has been no confirmation from MS that their next gen console will also feature support for ray tracing but there is a rumor out there that it does has support but nothing concrete whether it will be hardware or just API software support. Either way, I believe next gen consoles need to feature ray tracing and hopefully have some hardware capability to make it a reality with decent performance.
This is purely opinion and just peeping into the future but I believe that MS will target their next gen console which is rumored to be called Scarlett capable of doing real time ray tracing. MS made this pitched a while back when they added ray tracing to DX12. If there is any graphical feature that would separate the current consoles today and the new tech of tomorrow, real time ray tracing is probably it. Its a visual feature that immediately noticeable. What I expect is that MS and AMD to provide full hardware support for ray tracing with their next GPU/CPU combination. There could even be a co processor in the mix just in case MS really want to get serious. The article below describe a new CPU processor design I believe geared toward ray tracing demands.