The bit depth of a photo or display device is not the same as the dynamic range at which that photo is displayed. With traditional SDR image formats, on some screens a "0" pixel will be displayed at about 1 nit brightness, and a "255" pixel will be displayed at about 100 nits. But on other screens, the same pixel will be shown at 500 nits or more. Thus with SDR images, the luminance range depends on the characteristics of the display device in use, and not the fact that it's only an "8 bit" photo. "8 bit" ≠ "8 stops". On the other hand, on displays with very high peak brightness, you may get banding even with images that are properly dithered to take advantage of the full capabilities of the 8 bit range.
The point of 10 bit and higher is that you can accurately capture all the details in between a very dark portion of an image and a very bright one without banding. The point of the new HDR standards (which are just now being introduced to images) is that luma is now on an absolute scale, so that you are no longer dependent on the characteristics of the individual display. (You have to have both together for either to be very useful.) But whether you're working with SDR or HDR, 8 bit or 10 bit, fundamentally the question of how many stops you can get (the display's true contrast) is a question of what the display is capable of reproducing, not the underlying technology you're working with.