At a minimum we should start from something captured close the reality, and then get creative from that point..
SDR is like black-and-white movies (not quite, but close). We can get creative with it, but can we just see the original natural look?
HDR (and the wider color space associated) has a fighting chance to look real, but looking real seems far away from what movie makers are doing.
I have a Nikon Z8, which can capture 60 fps 8K footage with (roughly speaking) the equivalent of 1000-nit HDR. The video data rate is something absurd, measured in many gigabits.
If you look at the raw footage on an OLED HDR monitor, it's like looking out of a window! You get a feeling that you could just reach out and touch the objects behind the panel.
I've seen a few modern HDR productions that have the same "realism aesthetic" and I rather liked it. I've also enjoyed HDR used as a "special effect" with gleaming highlights everywhere.
