From what I seen at CES all the the TV companies are putting more DR and a wider color gamut in UHD TVs than HDTVs. Just because some people can't see the difference in a 2mp image from an 8mp image does not mean technology will come to a stop.
REC2020 compliant UHD does have a much wider DR and color gamut. But if you downscale and encode to standard HD, your are in the smaller REC709 color space, not UHD color space.
8-bit can't resolve the full gamut of UHD even if you are shooting 4k. You have to be in 10 bit or 12 bit deep color mode to make use of it.