Is anyone missing the 4K resolution option?

I don't know what they are aware off but it is false the Xbox one S can run 4k or 1080p same goes with HDR it is optional to change the resolution go to settings - display & sound - video output - TV resolution - 4k - 1080p

As long as your TV supports 4K, but still not working, I would recommend checking this link: Error occurs when you select the 4K UHD resolution on Xbox One X or Xbox One S | Xbox Support as it offers some points you might be missing.

The console runs whatever resolution you set, for example if you select a resolution of 4K UHD, it will deliver the clearest, most realistic video possible.

To set your resolution and upscale everything to 4K:

1. Press the Xbox button to open the guide.
   
2. Select Profile & system > Settings > General > TV & display options.
   
3. Under Display, select a resolution of 4K UHD.
   

Thank you for contacting us! I'm Anderson, an Independent Consultant and a Microsoft user like you.

good night

Microsoft claims that:

"4K games with 120 frames per second are available if you have all of the following:

an Xbox Series X console

an Ultra High Speed ​​HDMI cable with support for HDMI 2.1

an HDMI 2.1 compliant TV

To enable 4K games at 120Hz, press the Xbox  button to open the panel and select Profile & System > Settings > General > TV & Display Options. Make sure your Resolution is set to 4K UHD and set Refresh Rate to 120Hz.

Note If you have an Xbox Series S console or your TV does not support HDMI 2.1, you can still enable 120Hz gaming at a lower resolution. To do this, set your Refresh Rate in TV and Video Options to 120Hz. If your resolution was previously set to 4K, the console will automatically adjust the resolution to support the 120Hz refresh rate. Otherwise, select a resolution among the available options."

if you set the correct settings and not the image or it doesn't reach the 4k resolution it is not compatible to run in this resolution on the Xbox X series.

4K is about the resolution that is capable, not the power of a system. A 4K tv means its capable and will support 4K resolution. It all depends on if a game is made and supports 4K if it will display in 4K on a 4K tv.