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.
Ray Tracing will be a gradual transition, 7th gen games were already leveraging that technique to various degrees with great success.
Next gen hardware still won't have the capability to do it in real time however.
The emulation tech they use to run 360 and OG Xbox games is designed to run on the AMD+AMD Xbox One, it is my understanding that in order to properly keep that tech working next gen with near 100% compatibility, Xbox Scarlett will first have to emulate Xbox One, which will then allow the 360/OG Xbox emulators to run on the emulated Xbox One, emulation within emulation. Getting Xbox One emulation to run on say an Intel + Nvidia Xbox Scarlett would be tricky at best, just like how current PC's struggle to emulate current gen consoles, it will be much easier to maintain BC if they stick with AMD+AMD.
The Xbox One isn't actually doing pure emulation anyway.
Plus it's approach is fairly unique, when the Xbox One first dropped microsoft took a Multi-OS/Virtualization approach, which is partly why the emulation can happen despite the anemic hardware.
In short... The Xbox One's backwards compatibility doesn't give a shit about the hardware, but it does care about the software/API stacks.