My guess is that Apple already know their biggest problem now is software. 16 months later and we still have a whole ton of software that is still using Rosetta and that are only just beginning to support Metal.
Porting to any kind of Apple RT hardware is going to require 3 stages:
Step 1: First off convert / get rid of all your old hand-crafted X86 simd code that is preventing you from making an Apple Silicon binary. (trivial to 3 months work)*
Step 2: Port to the main Metal API. (6 months to a year's work)*
Step 3: Implement the ray tracing portion of the Metal API. (2 months work)*
* obviously all these estimates may vary wildly depending on any number of factors, and this is more to show the relative scale of the tasks.
The job of the M1 Ultra is to create the customer demand to push 3d software vendors into implementing steps 1 and 2.
Once there are numerous apps on step 2 (or even step 3, since the RT API is available) then it makes sense for Apple to release RT cores.
At that point getting the software ready will take studios 2 months and not a year and a half, and Apple will be able to go to someone like Redshift and say "Hey, we're releasing RT cores soon, can we loan you some engineers for 2 months so we can put you in the keynote?"
If Apple had dropped RT cores with the M1 Ultra, developers would go "Oh it's going to take us 16 months to get our software ready for it? Nevermind, lets just tell everyone to keep using Windows."