I have tried the following things -
Complete power cycle of all devices (powered off for 30 minutes)
Disconnected everything from the TV except the Apple TV
Brand new certified 8k 48GBps HDMI cable
All software up to date on both devices
Factory reset on the Apple TV 4k
Still will not show any resolution higher than 1080p 60
Signal plus is enabled and I used the connection guide and troubleshooter. The TV accurately detects the Apple TV, it is just not allowing a 4k connection.
I also tried setting the Apple TV to RGB and setting the HDMI Black Level to Normal as that has been known to cause issues with Samsung TV's and 4K HDMI negotiations with Apple TV's in past years.