In a since deleted tweet from Bethesda Support, they have informed a user that all physical versions of the game regardless of platform will only contain a code to download the game.
While this has been the norm for PC for a while this might be the beginning of a trend for consoles. Personally I feel like there is no point in having a physical version at all if there won’t be a disc included let alone charging full price for it.
I guess the reason it’ll have a physical release is that they want to get it into stores. As much as things are going digital, having product on stores and in front of people who otherwise might not know about it is still a pretty solid way of moving units.