As a photographer I am looking forward to it. I process photos in ProPhoto RGB and I’m in the process of switching up my process to always publish images to the web as Display P3 which can be done just fine in JPEG and WEBP by attaching a color profile. Display P3 is moderately larger than the old standard sRGB; you are trading some color resolution in the “mainstream” area for more saturated greens and reds. 4K TV’s…
So it's unsurprising that they have pushed the format optimized for "as few bits as we can get away with before things like too terrible" rather than actually improving quality and extending capabilities.