Why would you want such a thing? HDMI 2.1 does HDR 4k @ 120hz without compression. The entire TV ecosystem uses HDMI. If you want to connect a PC to a TV they always have at least 1 HDMI out, and some have a couple.
Oh, I know this one. It was recently on the HN front page. Open source software stacks are locked out of high end pixel clocks.
Because HDMI 2.1 uses a proprietary protocol that's not implemented in any free OS[0]. If you want to use HDMI 2.1 features right now, your only option is to use a non-free OS like Windows or MacOS.
[0]: This came up recently with Valve: https://news.ycombinator.com/item?id=46220488