I don't see the PS5 or any console having any hardware dedicated to ray tracing. I could definitely see AMD having something that is more gpGPU based with a lot of optimization for ray tracing, and I think that is the direction Nvidia should have gone in and likely will go in for future generations. That said, I wonder if devs would want to use it if there wasn't dedicated hardware for it. My guess is they would prefer to stick to other rendering methods for lighting and focus the extra GPU power somewhere else. The trade off in performance with ray tracing is just not worth it.
That said, I'm sure whatever the PS5 does, the next Xbox will do as well, and vice versa. It's going to come down to content and Microsoft has a lot of catching up to do there. Definitely excited to see what the next console generation will bring, but at least things aren't as bad for us PC gamers as they were in the PS3 era. That console generation lasted waaaay too long.
i7 7700kK @4.2ghz
16GB DDR4 3200mhz
GeForce 1080 Ti