I have no knowledge of DNG, what I was suggesting is that someone should devise a some kind of extensible, self-describing format that can be used in place of RAW without losing any sensor data as with JPEG/HEIC/etc.

Ah I see.

Well, DNG ("Digital Negative") is such a format, defined and patented by Adobe, but with a license allowing free use under certain conditions.

The conditions are somewhat required to make sure that Adobe remains in control of the format, but at the same time they create a commitment and legal implications for anyone adopting it.