I'm a proponent of ray tracing, but there's so much that Frontier could do to improve the visuals using standard graphic APIs. Microsoft Flight Simulator 2020 doesn't use ray tracing, but it's incredibly beautiful. In fact, I think much of ray tracings benefit would be lost on an open world big space game like ED. It would make the cockpit way more cool, I'll grant you that (I long to see my reflection in the glass as that bright sun lights me up). But stuff like stations from a distance probably won't benefit as much.
Now INSIDE a station would look pretty amazing properly ray traced, but it would kill any hardware in the next 3-5 years because there are dozens if not hundreds of light sources to take into account. Most games using ray tracing limit the amount of dominant light sources and the space those light sources cover (small rooms with a few lights, for example, or an outdoor scene with just the sun for illumination).