It's not particularly practical to build a DRM scheme out of a Trusted Platform Module, notably because the key attestation the TPM provides audits a particular combination of boot stages, not a particular piece of hardware. DRM vendors don't care about you updating your firmware, but they do care about videos being locked to a particular authorized piece of hardware. If you had a TPM-based DRM, you'd deauthorize your video downloads by just updating your BIOS, while videos you passed from one person to another on the same OS version would play just fine.
I imagine Pluton is trying to be a competitor to Intel ME or AMD PSP, which are things you can use to isolate software running on shared hardware. For example, Intel ME provides hardware support for Intel Software Guard Extensions, which is used to isolate DRM from the host operating system. AMD has something similar with Secure Encrypted Virtualization, which uses the PSP to set up different memory-encrypted containers for each VM that higher security rings can't access. In this case, locking down PCs from arbitrary code, like an Xbox, isn't really on the menu. What they're looking to do is carve out space in Ring 3 that Ring 0 can't touch.