Info from BMW US Tech Support (via dealer Shop Foreman):

We have determined that the “trailer hitch view” that is mentioned on the bmwusa.com accessories website (and widely discussed in various bmw online forums) is not an option on your late model X5.

This is a feature that was available for early production X5’s with the CCC systems, your vehicle is a CIC system and utilizes a better camera. Your system functions as designed with all available features.

BMW NA will be correcting this information on their website sometime in the future.