As far as modern films go I really don’t see any reason why the Bluray should look any different to the DCP sent to theaters, though if I had to guess, I would say that it is because the studios are probably handling the bluray releases entirely unsupervised by the directors. I wouldn’t be surprised to find out that the studios just take the DCP, apply a blanket yellow, teal, or teal and orange LUT to it, then apply some standard Edge enhancement and DNR and call it done. That way it looks like all the other modern blurays.
While I definitely agree, there are some technical limitations that prevent a Blu-ray from looking exactly like the DCP. First is the color space, which is Rec.709 (Blu-ray) vs P3 (DCP); P3 is quite a bit bigger and has colors that Rec.709 simply cannot replicate. Of course I wish that they’d try a bit harder! (Incidentally, UHD Blu-rays can be in the P3 color space, so they can look pretty much identical to the DCP.) Also, DCP can support up to 12 bits of color vs. only 8 on Blu-ray. That can lead to banding. (UHD Blu-rays can support up to 10 bits, which is still a pretty big leap.) There are a few other differences, like DCP having 4:4:4 color vs 4:2:0 chroma subsampling for Blu-ray etc.
For what it’s worth, I know that you know all of this stuff, Williarob, so please don’t think this is a critique/rebuttal or anything. I’ve enjoyed your contributions to the site quite a bit. I just wanted to provide a bit more technical information for anyone else reading this thread. 😃