One of the advantages having a single specific target in mind has is that
some fine tuning can be applied over the whole system, whereas the normal ICC approach puts up with any slight errors introduced in the separate characterisation of the input and output devices and the linking process.
display. It would seem much more sensible to me for the video industry to move to an ICC-profile type setup where recording devices are profiled (perhaps less important because of post processing), displays are profiled and each video (however processed for effect) comes with a profile that aids a CMM to deliver the correct look on any display.
Ideally, but I can very well understand this approach not being practical in the real world at present. The ICC approach has struggled (and still struggles) to work in a practical sense of profiles and systems being available, whereas fixed standards such as sRGB and the typical Video industry approach around Rec. 709 etc. are relatively simple and practical. They do straight jacket technical development though, resulting in great struggles when things like wider gamut displays or higher dynamic range are introduced.
Very well said, I always think the failure of ICC workflow implementation in the industry in general comes from the lack of solid guidance/measure to match its confusion created by its flexibility and openness.