It was stated fairly recently that ED VR on PS4 hasn't happened yet because it's not good enough right now. They have not completely ruled it out, but I imagine if it DOES come, it will only be on PS4 Pro, and likely quite graphically limited.
Also, with the newer Xbox machines getting their AR (which is just VR with internal positioning) HMD's next year.. it's possible that a VR version of ED for console might be simultaneously developed for those headsets alongside the PSVR one. After all, consoles are usually treated as a completely different ecosystem than PC.
Problem is Kaltern, as per Sony's current rules, ALL PSVR titles must be developed to support both PS4 models, they won't allow Frontier to release a game that is only capable of working properly on the PS4 Pro.
But as I mentioned, I think the resolution of the PSVR headset does not lend itself to the smaller text you get with Elite, messages on the HUD, text within stations. There is lot going on there, and you're dealing with a resolution of 960 x 1080 per eye, which is not that great for that kind of detail.
That aside, the game itself is amazing in VR with the headset, I tried it using the PC with Trinus but the text rendering really was a problem for me. YMMV.