> Domain experts sometimes don't realize when their knowledge is out of date.
Sigh. Another unique pleasure of HN.
Sometimes there's a difference between practical and possible. I did not say it was not possible. While you're technically correct, the worst kind of correct, very little content and few delivery systems actually utilize that capability -- look how much you had to type just to get there. Then how are you going to deliver that alternate colorspace content? To wit: I note you've overlooked ATSC and other delivery mechanisms, as well as HDMI being a specification designed to handle all cases including non-NTSC-legacy regions which had a different colorspace all along (notably PAL, which defined "blanking" and "black" as equivalent).
Practically speaking, pretty much no content you'll ever play makes use of wide gamut in North American contexts. If you're cooking a file for yourself, that's one thing, but once you're producing something that's mass consumed there's a lot of compatibility issues to worry about. We still have fractional frame rates and picture safe zones, for crying out loud, despite drop frames being pointless for decades and overscan being a word nobody under 30 has heard. What's the point of leveraging wide gamut in HDMI if all your capture equipment, editing tech, broadcast delivery, playback equipment, and displays cannot handle it? For the general case you're counting on Vizio adding that ability into a $200 TV and Comcast handling it in their CPE. Good luck.
Why does that matter? When producing video content handling a wide array of distribution media matters. Except for circumstances where you control the entire system end to end, such as a planetarium or some other kind of venue, you always have to plan for your content potentially being sent over lame, legacy-style HDTV broadcasting. That's the floor. Sometimes you even have to think about SDTV transmission; God help you, and have fun with chyrons...
Not even Rec. 2020, which is designed for UHD and is way better, changed this[0]. It's not a concept that's in dispute, despite whatever HDMI -- one standard of several hundred that are involved in delivering you a single TV broadcast -- can do.
[0]: https://en.wikipedia.org/wiki/Rec._2020#Digital_representati...