We've also lost "Quality" on the PS4 'vanilla'. It's not a mode like the Pro users have, just the default graphics. I'm confident that all of this is related.
Part of me is frustrated with Frontier's silence on the matter, but the optimist in me hopes this is because Frontier has learned their lesson from releasing multiple failed patches, so they are now diving deep into the code itself instead of just changing quality settings. I much rather they stare at source code than forum posts, LOL. I also suspect they are testing the crap out of any new update before releasing it, because the last thing Frontier wants is a new thread called "PS4 Update 1.11 - Codename FAIL".