https://www.realtimerendering.com/blog/thought-for-the-day/

It's crazy that post is 15 years old. Like the OP and this post get at, HDR isn't really a good description of what's happening. HDR often means one or more of at least 3 different things (capture, storage, and presentation). It's just the sticker slapped on advertising.

Things like lens flares, motion blur, film grain, and shallow depth of field are mimicking cameras and not what being there is like--but from a narrative perspective we experience a lot of these things through tv and film. Its visual shorthand. Like Star Wars or Battlestar Galactica copying WWII dogfight footage even though it's less like what it would be like if you were there. High FPS television can feel cheap while 24fps can feel premium and "filmic."

Often those limitations are in place so the experience is consistent for everyone. Games will have you set brightness and contrast--I had friends that would crank everything up to avoid jump scares and to clearly see objects intended to be hidden in shadows. Another reason for consistent presentation is for unfair advantages in multiplayer.