Asobo have already hinted at this both directly by saying that there would be “beyond ultra” settings, and indirectly by have LOD setting levels in the config file that aren’t currently accessible via the in-game options.
You can increase your LOD to 9.0000 in the config file, and the graphical fidelity increases significantly, although at a high processing cost that really only people with top shelf current hardware can run reliably.
I suspect that’s the strategy going forward. The PC version will eventually get the option of increased LOD and other visual effects where the console will stay at its current levels. When the next generaton of Xbox launches in about 5 years, it will be able to access higher end graphics to suit its hardware, but the current gen will remain at its current settings.