Placeholder graphics while the game is being worked on, meant to "block out" where stuff is going to be in the release version. If you're dealing with blurry textures, then that's caused by running out of vram in your GPU, which is avoided by lowering graphics settings.
Also, it's unnecessary to set all the graphics to ultra, there is no real noticeable difference between high and ultra other than the amount of vram used. Also helps that if you don't have a raytracing capable GPU that for the Global Illumination setting you set it to Screen Space instead of Lumen