Everything you said is supported by regular image formats. You can adjust white balance of any photo and you think image formats are only limited to 16-bit and sRGB?
That’s not why we use RAW. It’s partly because (1) if you used Adobe RGB or Rec. 709 on a JPEG, a lot of people would screw it up, (2) you get a little extra raw data from the pre-filtering of Bayer, X-Trans, etc. data, (3) it’s less development work for camera manufacturers, and (4) partly historical.
That’s not why we use RAW. It’s partly because (1) if you used Adobe RGB or Rec. 709 on a JPEG, a lot of people would screw it up, (2) you get a little extra raw data from the pre-filtering of Bayer, X-Trans, etc. data, (3) it’s less development work for camera manufacturers, and (4) partly historical.