Why is this something a Wayland compositor (a glorified window manager) needs to worry about? Apple figured this out back in the 1990s with ColorSync and they did it once for the Mac OS and any application that wanted colour management could use the ColorSync APIs.
Color management infrastructure is intricate. To grossly simplify: somehow you need to connect together the profile and LUT for each display, upload the LUTs to the display controller, and provide appropriate profile data for each window to their respective processes. During compositing then convert buffers that don't already match the output (unmanaged applications will probably be treated as sRGB, color managed graphics apps will opt out of conversion and do whatever is correct for their purpose).