>Display hardware has progressed
It has, but WWW is still de facto sRGB, and will be for a long time still. But again, I'm not strictly opposed to evolving PNG, I just hope they don't ruin it in the process, because that's usually what happens when something gets update for a modern audience. I'll be watching with mixed optimism and concern.
Plenty of JPGs on the web are already in HDR and you wouldn't notice it if you don't have a HDR capable display. The same is true for PNGs.