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It exists because they get to sell a product with the HDR label for cheaper than any true HDR screen. It's purely a marketing ploy to sell a monitor with 'HDR compatibility' to the un-knowledgeable. There's no point in pretending people won't fall for this, many getting into PC gaming may fall for this pit-trap now.
It's cheap profits for the company. A grey area to market in, almost mis-advertising, but they can get away with it so they do. In just the same way companies label UHD (Ultra-HD) content to be the same as 4K, corporations will always find ways to cut corners and profit wherever they can.
Sorry but I already won it...
I bet you can't name them ;-)
If you're still scouting after Vega drops, it's almost worth just checking out the cheapest GTX 1080 Ti with a non-blower cooler.
Unless you're a seriously hardcore overclocker, when they're running at out-of-the-box speeds there's really not a huge amount between the different cards.
And about time, too. They've let Nvidia have the higher-margin top end to themselves for far too long. We need a fully-functioning AMD, so I hope this is a good step.