Correct if I'm wrong, but this still doesn't allow us to define the dropdown content and selected content for each option separately? Maybe something like this:

    <select name="commenters">
        <option value="annevk">Anne van Kesteren</option>
        <option value="jakearchibald">
            <label>Jake Archibald</label>
            <selectedcontent>
                <div>
                    <img src="profile.avif" alt="Jake's photo">
                    <div>Jake Archibald<br><small>@jakearchibald</small></div>
                </div>
            </selectedcontent>
        </option>
        <option value="sorvell">Steve Orvell</option>
    </select>

The value attribute would be required when using these new sub elements. This structure feels familiar and progressive to me.

Naively, I would imagine that the following JavaScript would cause 1 DOM update, 1 redraw of the option if the dropdown is open, and 1 redraw of the selected option:

    document.querySelector('option:selected selectedcontent').innerHTML = 'Jake Archibald';

Obviously, things are different when using multiple. Maybe a `select > selectedcontent` element containing a copy of each `option > selectedcontent` element that is updated on change events.