The beta did have ultimate team.
The way it works is that you create your team of 5 (I think) fighters. You decide which one you want to be using, so you can just use one all the time or use different ones in different weight classes. You fight the CPU or against people online and depending on how you do you get coins that you can buy packs with. The packs have stat increases, moves, and some other things that you can apply to your fighter. Some of those are weight class specific which is why you probably want to have a fighter in each one.
It has a couple things that aren't great, chief among them being an energy management system that adds absolutely nothing to the game. It's not game breaking though, and they took steps at the end of the beta to completely neuter it so I have no idea why they would leave it in.
Overall it's the best UT mode I've played, and I hate most others, and a close second to Diamond Dynasty from MLB The Show for best online mode I've played period.