I contacted them about this issue and here is part of the responce :
"Amazing graphical fidelity is something we obviously want to offer to those who can run the game on high end systems. Elite: Dangerous has always intended to be beautiful after all, but balancing this with performance is key. Asteroids for example. It's one thing to have a couple of these in ultra high resolution, but when you run into a procedurally generated system that has thousands of them...
It's obviously something that can be done, but it takes time and is a balancing act. I can't really comment for the devs on what they have in store, but again, probably the forum is your best avenue for discussion on this kind of stuff.
I'm sorry I couldn't be more helpful with your questions, but hopefully you'll find more about what you'd like to know on the forums.

"
So it sounds like performance trumps graphics at the moment...
why cant they add ultra settings that work? just give us something that will melt my GPU? and if I have a weak set up or a console I set it to ultra low