My GTX 1070 can handle 99% of games just fine, but yours has a bug where, through whatever method or shader you're using for the shadow compositing, the shadows and everything under them appear pitch black and makes it hard to see much of anything. Who turned out the lights?
A typical frustrating response I get to any performance issue is "just get a new GPU lol", but I reiterate that my GPU is not the problem as it has no trouble running most games. The only issues I tend to see at the really high end (like, New Dead Space high end) are low framerates and games simply not launching, but that is exceedingly rare even today. So this is not an "I need to shell out thousands of dollars for a new GPU I don't really need" issue. This is a "there needs to be more graphics settings" issue. A blanket High/Medium/Low setting in this day and age is just not enough. There's too much variety in people's hardware setups to capture in a single 3-way toggle. If the game isn't going to have automated feature probing and fallbacks/polyfills then the settings need more granularity. Plus my GPU can handle the game on high perfectly fine (in fact I'm not even sure what the differences are--low and high look the same to me). It's just that I can't see much of anything because anything under a shadow gets rendered pitch black. For example, a setting to change the shadow rendering method (or even turn them off) would fix the issue that I'm having at the expense of a small amount of visual polish, but that's a trade-off I'm willing to make because my eyes aren't getting any younger and graphical fidelity is easily on the bottom of the totem pole when it comes to what makes a game fun.
I almost considered not saying anything, but what I see in this game seems more like a wider pattern where devs are starting to make too many assumptions about people's hardware, or assume that just because it works on their own rig that nothing more needs to be done. I would think that a UE5 game wouldn't have to do anything and that UE itself would handle hardware compatibility, as it ought to, but evidently this is turning into what webdev was about 10 years ago where any JS/CSS feature you use had to be carefully checked on MDN for cross-compatibility and came with polyfills and feature probes to make sure it'd work consistently across all major browsers. Though I don't think it has to be that way. I think every game would be fine having a "minimal graphics mode" or something of the sort which turns off all the filters, shaders and effects so that just the most basic rendering is done, and that alone would be enough so that if anyone is having issues with the game (like me with the pitch black shadows), they could just drop into that mode and be able to experience the game at the cost of some visuals. The dev can work with feedback and slowly add more refined features over time, but at the initial stages, that would do so much more than a high/medium/low quality setting straight out adobe flash.