It does provide significant value worthy of patent protection.
The main thing they did was develop a nonlinear color space designed so that each “bit” of information provides equal value. This way no bits are wasted, making compression more efficient and have fewer artefacts.
The color space is also set up so that the “lightness” channel is accurate and brightness can be rescaled without introducing color shifts.
They also came up with a way of encoding the HDR brightness range efficiently so that about 12 bits worth of data fits into 10 bits.
The format also allows a mode where there is an 8-bit SDR base stream with a 2-bit HDR extension stream. This allows the same file to be decoded as either HDR or SDR by devices with minimal overhead.
Last but not least they work with device manufacturers to make optimal mapping tables that squeeze the enormous HDR range into whatever the device can physically show. This is hard because it has to be done in real time to compensate for maximum brightness limits for different sized patches and to compensate for brightness falloff due to overheating. Early model HDR TVs had to have FPGAs in them to do this fast enough!