[Soli]

Maybe it's a matter of semantics, but I will still say that it can be represented with 8bits or lower. It will be "fine". (As a quasi-not-there-yet solution)
12bits, espescially in conjunction with HDR is preferable. So Hollywood went with 10bits, which is the middleground They want to keep 12bit full chroma RGB exclusive for Digital Cinemas. Maybe not exactly how it went down, but..