Netflix is probably at the extreme end. Remember: the same codecs are used to compress the videos your cell phone takes.
This is already the case for AVC/HEVC on mobile devices where storage and power considerations overwhelm the possible quality and coding efficiency advances that could be available from a highly-intensive, highly-tunable CPU-based encode.
In comparison, if you look at digital cinema, video is dumped as raw, unencoded pixels onto high-speed, high-power SSDs without any compression; this way, the original image can be manipulated losslessly before going through an intensive encode process for an optimal quality/space balance for end-user media delivery.
http://www.red.com/learn/red-101/redcode-file-format
http://www.theblackandblue.com/2012/05/02/shooting-red-epic-...
What cameras shoot uncompressed 8K HDR video? That doesn’t even seem possible given current SSD bus speeds. Note that many high-quality lossless formats are actually still compressed (they subtract current frame data from the previous frame and then apply LZ4 for example).
12-bit bayer RGB matrix 8k @24 fps: 7680 * 4320 * 12bit * 24/s = 1.2 GB/s uncompressed. Currently SSDs go up to 3 GB/s. And you could have a RAID 0 array made out of multiple SSDs.
So it is possible. Entirely another matter whether it makes sense.
One hour of video at this bitrate requires 4.3 TB.
There's just one color component per pixel, thus 12-16 bits per pixel is enough.
Use the right tool for the job.
This is why pretty much anyone has standardized on h264, and now on h265, as the video codec of choice, despite using very different encoder software or hardware to realize hugely differing trade-offs on the encoding side of things.