There is no chicken-and-egg problem because the OS already does color management to map your source color space (sRGB, mostly) to your target monitor's color space. If it didn't, you wouldn't be able to view sRGB content correctly on wide-gamut monitors, for example.
The real challenge is in developing display backlight and phosphor technology to reproduce colors outside of the standard gamuts.
The real challenge is in developing display backlight and phosphor technology to reproduce colors outside of the standard gamuts.