Good doesn't imply perfect.
Based on this sample (upconverted SDR most likely), my main takeaway is that the HLG backwards compatibility on SDR (HDTVs) is quite underwhelming. However some processing as performed in vlc might improve on this result. A purist however might say that HDR can only be properly displayed on a HDR screen.
I tried out an encoder gui to see what the out of the box tonemapping experience might be like:
-HLG x265 pass-through: worked OK.
-HLG to SDR performed in avisynth with HDRTools: better than nothing, but still not GOOD.
Moreover, implementing the required processing is likely more difficult in a video player vs avisynth because you have to deal with DirectShow, the GPU SW/HW and realtime processing constraints.
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