They've admitted/said that ray tracing is only feasible as far down as the RTX2060. It's also costly die space to devote transistors to RT, so there's likely a financial limit to how far down their product stack they can push RT (for this generation). That's where the GTX1160 rumors come in. If AMD's Navi RX3080/3070/3060 end up being as price-competitive as they say, it could be difficult for Nvidia to play ball with RTX cards, so releasing a cheaper GTX chip without those RT resources will allow them to make the same/similar performance available at a lower price point.