I'd agree for a device coming out in 2017, which is expected to be on the market for a few years. But we still have low 4k penetration in the US, predicted to be about 25% by the end of the year, but it was <5% when the ATV4 came out.
The issue is that the ATV4 portrays itself as a computing device (games, apps, etc), yet is only being updated every couple of years, which is not fast enough of a refresh cycle to play as far from the "cutting edge" as they did last time. I would have expected a late-2016 or Spring 2017 refresh for the product, but instead it is languishing on shelves, way overpriced for the market with its features.
That said, I'm ready with my $200 or less to plop onto an ATV5 the moment it is announced. It is past time to update the old ATV3, and with Prime and Vudu support, as well as Plex support for our Plex library (all available using Airplay to the ATV3, but that is clunky), now is the time to jump up.
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Most recent survey I've found, coming from the TV industry so they might be inflating the numbers if anything, is 16% penetration as of the middle of 2017, with 11% claiming they are going to buy a 4k TV in the next year (some of which might be a second 4k TV in the house). Predictions from 2016 put end of 2017 at 25%, so this might be slightly below those projections.
4K is still a niche. However, if trends continue it will be around 50% penetration by 2020 when the ATV6 is available. An ATV5 without 4k support would not last long.
That said, the assertion that a large number of people are holding off on buying the ATV4 because it doesn't include 4k seems odd. I think more are holding off because they are told by everyone in the know that a new ATV will be coming out this fall and they should wait and get that upgraded unit for the same price.