This is an interesting development.
I am not surprised this is happening. This would be pushed to remove the need for the DolbyVision licensing costs.
One interesting change in standards in recent years is, like the internet sees a problem and simply routes around it. This also now seems true for proprietary standard in the new world of (Upgrade devices over the internet at any time, circumventing any proprietary implementations as soon as an open one exists)
I saw this coming years ago and was confused with Dolby still chasing the 'defacto proprietary standard path', It did make them buckets of money in the "Baked into DVD player/static devices" days.
Dolby does a lot of good R&D and has really lead the way with HDR and Atmos. But the change in how the world works and the predisposition to go around any licensed technology will likely not work out as well as previous defacto proprietary standards did for them.
Even so, they do seem to be putting eggs in other baskets. Ie, DolbyVision Cinema, basically a competitor to IMAX. A very viable company by themselves. Or just making DCI equipment, SMS/IMS, Immersive audio processors.
I expect them to still do well, just not as well as historical.
Does anyone know if HDR10+ supports 12bit distribution?
Apart from the per scene meta-data, the only other issue one could flag is that 10bit on PQ does theoretically come above the perceivable different threshold (Bartons curve) Tho I have not really seen any critical comments that people have been able to see this. If 12 bit is supported, then I see no reason for DolbyVision, but otherwise if not 12bit, Dolby will still have that over HDR10-whatever..