Hey y'all! After a series of random combinations, I discovered a temporary fix. (YMMV!)
You will need,
- HDMI -> HDMI + dongle (HDMI -> USB-C may work but untested)
- USB-C to USB C Cable
1. Plug in the USB-C to USB-C from your Mac to your monitor. The display will appear washed out.
2. Plug in HDMI dongle/cable into your Mac alongside your USB-C cable.
3. Now unplug the USB-C cable. (DO NOT SWITCH TO HDMI INPUT, stay on the "no signal" screen)
4. Plug the USB-C cable back into your mac.
5. Unplug the HDMI cable from your mac.
So far, this technique has worked for me. Putting the mac to sleep, closing the lid, rebooting it, has not changed it back to the washed-out colors. HOWEVER, toggling the "High Dynamic Range" option under Settings on and off will cause the washed-out colors issue and requires the entire process again.
Let me know if this helps!