If you remember, such a thing was actually teased in the run up to the Xbox Series X coming out. Yep, way back in 2020, Microsoft and developer Mojang showcased bits and pieces of Minecraft with ray tracing; intended to be a major feature for current-gen Minecraft. Yet, for some reason, we're still waiting for that version of the game to launch - almost five years later.
To be honest, at this stage, we don't think it'll ever see the light of day. At the tail end of last year, the team added 4K support to Minecraft when playing through Xbox Series X|S backwards compatibility - and even that didn't prompt a native, current-gen version of the game. The Xbox One and PS4 versions remain the most up-to-date console versions of Minecraft - save for the 2018 Nintendo Switch port of course.
Anyway, it's a testament to just how popular Minecraft is that it remains incredibly active and popular for Xbox One a decade later, but we'd still like to see the game take proper advantage of Xbox Series X and S some day. Minecraft has such a unique visual style that throwing RT in the mix would be a fantastic feature for current-gen Xbox players!