There are actually several video format options for USB Video Class (UVC) devices like the Web Presenter (devices that conform to this specification typically don't require specialized drivers):
https://en.wikipedia.org/wiki/USB_video_device_classUSB Video Class allows for uncompressed video or compressed video such as MPEG-2, MJPEG, or even H.264.
I believe the Web Presenter uses MJPEG compression for its video. Obviously H.264 would be much more efficient, but even with MJPEG, I would think you could squeeze 1080p video into the available 480 Mbps bandwidth of USB 2.0 connections. There are lots of webcams that do 1080p video over USB 2.0.
Really only uncompressed HD video requires a USB 3.0 connection to work.
Now, whether the Web Presenter hardware is capable of doing compression at higher resolutions, and whether or not a firmware update is likely is a different story. But I don't think the speed of the USB connection is the limiting factor.