They add profiles for graphics cards manually, you need to ask them to add yours to the lookup. The game isn’t detecting your card at all, hence you’re getting the crappy Basic profile. It’s definitely capable of Ultra profile at up to 4K resolution.
Spoiler: it took nearly a year after launch for them to add the GTX 1650, and that was with a number of us nagging on here consistently.
Considering the top GPU to get High profile is the GTX 750 Ti which came out in Feb 2014, I’m not sure why they can’t do it in reverse at this point and give new/unrecognised GPUs Ultra by default. Nobody’s making anything less powerful, aside from some mobile GPUs that could be added by exception if people complain about exceptionally poor performance.