Apple and Google developed a new HDR standard: Eclipsa Video
flatpanelshd.com
flatpanelshd.com
None of HDR10, HDR10+, or DolbyVision ever answered the question of how to adapt for varying ambient brightness levels, either, which is again a very important question to answer for portable devices like phones, tablets, and laptops.
Those are extremely niche use cases. Most normal people watch their TikTok and YouTube on a perfectly calibrated wide gamut HDR OLED in their darkened color grading room.
But at a high level you're basically asking "why doesn't scRGB exist" and, well, it does :) https://en.wikipedia.org/wiki/ScRGB (also called extendedSRGB)