HDR issues, either my Xbox or TV?

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Current Events » HDR issues, either my Xbox or TV?
I've actually had this issue for a while but I didn't care enough about it because all the 4k HDR Blu-ray came with 1080p Blu-ray discs anyway and I would just watch those. Well, recently I got the LotR 4K versions and surprise, they didn't come with a 1080p Blu-ray disc.

Well, I pop in the disc in the Series X and all the colors are just washed out. Very dull, like the saturation has been brought down a lot. I go through the HDR settings, recalibrate it, turn it on and off, etc. I'm not sure what the issue is. The TV is a Vizio 4K OLED with HDR10 capability, or so it says. But in the Xbox settings I get the green check mark for everything, saying my TV is compatible.

The same issue happens in games when I turn on HDR. Anybody knowledgeable in this and can tell me what the possible issue is?
Current Events » HDR issues, either my Xbox or TV?