Just the fact they're calling it "normal" at most is why I think it was a glitch of some sort. There is literally no reason for adding in High details and shadows but leaving the textures on normal.
I think the "Normal" title has more to do with making some of us feel paranoid that the textures aren't maxed out, and less to do with the actual texture resolution the "Normal" setting affords.
Again, that setting is already using 4-6GB of VRAM (or more), which, by that logic, would mean an "Ultra" texture preset could require 12GB+ of VRAM, which is ridiculous, of course.
The VRAM usage is currently broken, that much is clear. And when the textures do fully load in, they are currently in line with what I'd expect to be "Ultra" quality, at least if you take the scope and scale of the game into account.
Also, it's becoming a trend for texture resolution to max out at the "High" setting (Dying Light and The Witcher 3 are two I can think of off hand), with the "Ultra" setting being reserved solely for a larger cache for the same "High" resolution textures, thus reducing the amount they load in/swap out.
That said, I wouldn't mind if they renamed the "Normal" texture preset to something more fitting in a future patch.