Immersive sound is attractive, but how will it avoid the fate of quadraphonic sound in the 70s?
Quadraphonic sound in the 70s would mainly have been based on records, and really did not offer much in the way of channel separation. It was only the advent of SACD some 25 years ago that could deliver much better than CD sound and up to 5.1 channels. In other words, light years ahead of quadraphonic. Still very popular for classical music in Europe and Japan, where it was invented, SACD was very poorly marketed in the US
I moved to SACD when the Gramophone magazine issued its reviewers with Marantz universal disk players which handled CD, SACD and DVD. It did not cost me much to add two rear "ambience" channels, which I drove with an old Quad (the manufacturer!) 2-channel amplifier. I have never bothered with a central front speaker because my main speakers emulate point sources of sound and have excellent imaging.
Nowadays not all universal disk players include SACD, mainly because of manufacturer’s rivalry, for example Panasonic is loath to licence Sony stuff!. But they all include Blu-ray and thanks to 2L.no, can play Pure Audio Blu-ray disks with all sorts of high-resolution tracks, including Dolby Atmos.
Now just about every Home Theatre installation has a Blu-ray player and multiple audio channels. The only thing people have to actually buy to get immersive sound is the silver disks, which are much cheaper than new records.
No doubt in the next few years, streaming services will have the bandwidth (the OP’s bit rate) to deliver high quality immersive sound.
New surround sound recordings have already been available using the same SACD media for 25 years. Today there's over 6,000 classical SACDs listed by Presto. You can’t say that for quadraphonic.

