"Wrong black levels through HDMI" is an old (and still relevant) issue that
affects Windows, Linux and MacOS. An overview of possible workarounds for both
Xorg and Wayland can be found here:
https://www.brad-x.com/2017/08/07/quick-tip-setting-the-color-space-value-in-wayland/

It is from 2017, but as far as I know, nothing has changed since then.
Just for context, this is an article about Windows (and it has a good
illustration of the issue):
https://www.howtogeek.com/285277/how-to-avoid-washed-out-colors-when-using-hdmi-on-your-pc/

I think it would be handy if openSUSE had a YaST module that implements Linux
workarounds from the aforementioned blog post (or Wayland workaround only if
Xorg feels obsolete). It could have a GUI with toggle presented in YaST Control
Center; also system could show a warning ("Colours were configured in a way
typical for [PC display|TV]) after previously unknown display device was
connected to HDMI and driver chose a mode.

Keeping user informed is arguably even more valuable feature than having a way
to configure range from YaST. It is hard to notice that anything went wrong if
you are not familiar with how a particular display model performs. There are a
lot of people who buy a new display, plug it to HDMI and think "It looked
better on the shelf, but this is how marketing works".

I understand that, generally speaking, it should not have been a software
problem from the beginning and hardware manufacturers are to blame - an
in-depth discussion:
https://www.avsforum.com/forum/26-home-theater-computers/1477460-theory-about-intel-s-hdmi-quantization-range-setting-full-0-255-a.html
But this is what we have in stores.