It's tone mapping. How many nits is your TV? I assume it's not been calibrated? If the metadata isn't being sent properly, or the video you're playing is mastered to a higher nit level, the tv will default to 4000 nits and apply a snike ton of tone mapping. Depending on how well your TV tracks pq eotf up to its max nit level, where it'll then clip, you may be under or over tracking. If it's dark it's likely under tracking. Calibration can correct this and other issues.
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Thanks for the information. I will look into calibration. I did look up the specs of the TV and could not find nits anywhere. I am wondering if the HDR implementation on the TV (its a few years old now) is not great and if maybe that is the reason for this.
EDIT - I did tweak several settings that helped. Turned off a number of auto picture tune shenanigans and changed a few color/contrast settings. The picture is more natural now for sure but I still think the brightness is off for HDR.