Well, there's all sort of different problems, but most modern display technologies both in software visual profile and hardware implementation use LUTs. When sRGB was born the monitors were unable to even meet it as a spec so some crazy simplifications were fine. Now we're using those bits to drive HDR monitors over much larger color volumes and dynamic range, but it's hard to move on from the "good enough" legacy of sRGB.

Certainly, eyes don't have a consistent gamma, they don't even match between people, much less outside the foveal field.