The Elite is no doubt a fine instrument, love mine, but no company can simply cease innovating or they fall behind. This is a highly competitive market. Fender would be foolish to not continue to innovate with their flagship/premier USA product line.
We could debate whether the electronics, hardware, frets, and contour changes warrant the "Ultra" name, but that would be pointless.
Regardless, clearly, there were enough changes Fender had to differentiate this model from the current Elites. So either a new name like Ultra, or, like Apple, go to "generations" of product... like Elite Gen2, but let's face it, Ultra sounds cooler, so Marketing won that battle (FWIW, I don't necessarily disagree with that choice).
Personally, I don't care much about what the differentiating identifier is as much as whether the instrument is worth what I have to pay. I feel like if Fender fixes the bridge issue, the Ultra model is just fine.
IMHO.