Ray tracing costs a lot of resources. Great ray tracing at native 4K 60 fps won't be possible on consoles, but it does add a lot for realism. For a 65" 4K tv the difference between reconstructed 4K and native for 4K is hard to spot from a normal sitting distance. Even 4 feet away PS4 pro's current faux K is more than good enough. Texture detail, lighting, shadows and reflection are still lagging far behind the pixel density. It's just easier to boast about native 4K than other things that make a game look good.
Ray tracing on PS5 is through a dedicated chip so shouldn't impact much the rest.
duduspace11 "Well, since we are estimating costs, Pokemon Red/Blue did cost Nintendo about $50m to make back in 1996"
Mr Puggsly: "Hehe, I said good profit. You said big profit. Frankly, not losing money is what I meant by good. Don't get hung up on semantics"
Azzanation: "PS5 wouldn't sold out at launch without scalpers."