I think most of the true meaning of Ultros was cut out at the last minute (from what I've heard in the past). Ultros allied himself/was in competition with Ziegfried/Siegfried. During the third battle with Ultros he mentions his friend/rival concerning the small goddess statues he had found. If you notice the whole Zieg/Sieg aspect of the story makes little to no sense, especially the development of the fake version of him.