The question is how much material can be reclaimed from the battery.
Batteries are resource gold mines with most material readily available (the casing, for example, would be the easiest thing to recycle).
Further, simple recycling (burn everything) of the inner parts is almost certainly worth it just to reclaim the current contents of nickel and cobalt.
What's not clear is if other resources can be reclaimed or if this can be taken further. Can we also reclaim the electrolyte (The substance between the anode and cathode)? Can we do all this without smelting down parts?
That's the unknown. That's also what manufactures are saying when they say "we don't know if this will be more or less valuable in the future." Because, as you can imagine, if recycling is simply applying a chemical wash to the electrolyte and reusing everything else, then you've saved $1000s of dollars avoiding making a new battery.
If, on the other hand, that's not possible, then smelting will still happen as that reclaims expensive materials (primarily nickel and cobalt) at a fraction of the cost of mining them fresh.
In other words, we know how to recycle battery materials. We don't know if we can recycle all of the battery materials. As a result, battery manufactures are just waiting until the cost of manufacturing new batteries becomes cost prohibitive without starting a recycling plant.