One important thing that I think most people don't fully understand is that most photos will be viewed as 8-bit sRGB jpegs on the web whether you record them as RAW or not. Either the camera software converts them or a program like Lightroom does.
In either case, I see a lot of photos converted from RAW to Adobe RGB, often in-camera. And then they have to be converted to sRGB with color loss, and people blame the jpeg format for the loss.
The thing is, sRGB is pretty good in the reds and yellows so it can provide fine gradations in skin tones. It's biased toward colors that occur in nature. And I think that's why we get away with it so well on the web and on phones.
But if the camera must convert from 12-bit color in RAWs to the selection of colors Adobe provides in their 8-bit color space, we have eliminated a lot of colors we could have represented in sRGB.