Did you turn HDR on in the menu? I think it looks quite lovely. I actually prefer it on my 4K HDR tv than in PSVR.
I'm downloading GT sport cause of exactly that, everyone says it's the best hdr but god almighty it's nearly 90 gigs now. And yeah, I turned tetris effect HDR on manually in game, it's good yeah, it just the FoV blocks most of the effects outside of vr.
I think the best thing I've watched in 4k hdr was some videos of fireworks in youtube, it's definitely a video medium and has yet to be taken advantage of in games fully.