An HTPC makes more edge cases viable. Add enough edges and you get much of the whole pie.
And HTPC no longer need be an ITX board in an expensive heatsink case. A fanless raspberry pi hosting VLC or Kodi and perhaps an HDMI audio extractor can handle most of the necessary decoding. While it would be cleaner to have FlexHT decode the bitstreams, the patents on Prologic II, Dolby Digital, DTS have expired and AAC, AC3, TrueHD has been re-implemented from public specifications. So basically everything other than virtualized formats such as Atmos is playable.
Perhaps minidsp will offer a surround plugin. Or maybe even an HDMI in/HDMI out decoder.