So value provided by RT hardware would appear to be [...]
One additional consideration is simply the evolution of graphics. Just like programmable shading (once niche, expensive, and slow) became a fundamental technology today, it is very likely that ray tracing will become the default rendering technology of tomorrow. A company that does not invest early might be left out.
- (very tentative...) the hardware required for ray tracing MAY possibly be useful for other GPU tasks (I've suggested this in the context of walking large pointer-based data structures) in a way that's of value to tasks apparently totally unrelated to RT. This may be present on day one; it may be a goal Apple is aware of, but was unable to fit into this year's design; or it may be a crazy idea that will never make sense!
One area where it is useful today, interestingly enough, is complex positional audio. Apple for example has this nice environmental audio library called PHASE (GPU-accelerated from what I understand). Hardware raytracing can be used to trace audio signal bouncing between occluders.