Your new PS5 is broken! PS5 is crushing blacks on your games. The PS5 is not able to correctly display non-HDR content and there is currently no way to fix it.
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From Tom's Guide: "The problem is that in SDR mode, the console renders darks at a significantly higher brightness than it should. The issue is that the PS5 uses a reduced color space when operating in SDR mode — and that could explain why the darks look particularly bad when not rendered in HDR. Why the console does this remains a mystery."