HDMI 2.1 does support 5K@120Hz@10bpc but requires DSC as you say, which is not very commonly found either.
(Note that unlike what a sibling comment states, DSC is lossy. Some argue that the less is not noticeable to the human eye, but not everyone agrees)
Not very commonly found on what? Nvidia & AMD have been shipping DSC for ~2 generations now (so almost anything within the last 4 years has it)
Nvidia and AMD have not been shipping DSC with HDMI simply because HDMI included DSC starting with HDMI 2.1, which only the current generation of graphic cards and very few monitors support.
> DSC is a compression algorithm that reduces the size of the data stream by up to a 3:1 ratio.... Using DSC with HBR3 transmission rates, DisplayPort 1.4 can support 8K UHD (7680 × 4320) at 60 Hz or 4K UHD (3840 × 2160) at 120 Hz