It's normal to list 32gb for ideal / Ultra spec these days. I'm sure 16gb of ram is totally fine for Ultra if you also have an RTX 2080 type card. If anything, this sheet seems more on par with other games than I expected.
A GTX 770 for min spec is a bit higher than the usual GTX 750/760 though, which means Xbox One S and PS4 would be considered below min spec. I would still live to see this game hit Xbox Series X at some point.