4K discs are so niche that this just isn’t really true, since they simply don’t bother to add that stuff anymore with the money all going to streaming. Almost every 4K disc I have just loads right into a bland generic menu with only a skippable logo for universal or whatever at the beginning. On top of that, they’re all region free. Odd that when the consumer base for physical media is smaller than it used to be, the consumer experience is better.
Now most of these 4K discs also come with a regular (often older) Blu-ray which contains the features from previous releases or whatever, and THAT’S where the bullshit you’re talking about is - lots of trailers (with it being a crapshoot whether you can skip straight to the menu, need to skip one at a time, or have to actually fast forward them), and, worst of all, defunct BD-Live stuff that in some cases you have no way to skip loading at all, even if you completely disable network connectivity in the player. None of this junk is in any of my 4Ks. Sometimes the features are even on the 4K too, if you’re really lucky.
But yeah, modern 4K discs are mostly great and still absolutely way better video and audio quality than any streaming service I’ve used - the worst thing you usually get is maybe one dumb copyright notice. (LG’s 4K players were terrible anyway though making the experience bad for consumers for a different reason, but that’s for another comment).
No, but it’s the only reason for HDMI (along with AV receivers) because it’s all the manufacturers support, so all of us home theater nerds that do care about this stuff have no real* choice but to keep up with the HDMI world. Yes, you can set up a media server that streams 4K video, but you’re not going to find a DisplayPort 4K UHD player, or a 7.2 AVR that plugs into your 77” OLED and supports all of your game consoles. HDMI is just the unfortunate reality there.
That said, the tech that actually takes advantage of the new cable specs tends to lag behind significantly, and new gaming consoles that support HDMI 2.2 likely will in a limited (ultimately disappointing) capacity for years, just like previous versions.
(Also the top comment in this thread doesn’t really seem to reflect modern reality for most people I know. Most people are using their TV to stream at 1080p - 4K, not watching broadcast TV - in which case, yeah, get a $60 720p LCD or whatever, HDMI specs won’t matter to that kind of viewer. Still, subscription streaming quality definitely doesn’t take full advantage of your expensive shiny new TV the way physical media - or a media server - might, but that’s another conversation).