Pulsefire Ezreal is a problem for Ezreal in general.
I asked IronStylus about the possibility of an Ezreal visual update, and he mentioned that they're a bit scared to do so because it could completely bug out Pulsefire Ezreal. So Ezreal's base can't be updated until they basically re-build Pulsefire Ezreal, and that could take a comparable time to making a brand new Ultimate Skin (probably not as long, since a lot of work is done, but still a long time).
Additionally the presence of Pulsefire Ezreal has gimped Ezreal's other skins. Ezreal only has one skin with different particles, Pulsefire, tied for the most expensive skin. All of his other skins are at the lowest price point Riot offers. There's no middle ground in his skins, and it's a bit sad.