As expected, HDR option is unavailable when using 4K monitor because there is no 4K HDR monitor at the moment. But the most important to look for a 4K monitor is that it supports USB 2.0, otherwise, you won't be able to get the 4K RGB or YUV option in PS4 Pro video settings menu.
But according to this guy, it's already looked marvelous even without HDR.
He's using a Philips BDM4350UC 43-Inch Class IPS-LED Monitor 4K monitor.
I think u must be referring to HDMI 2.0 and not USB 2.0, a typo error there perhaps? And yes, HDR is indeed a big deal when it comes to 4K and PS4 Pro. After I have tested and seen what my PS4 Pro can produce on my recently purchased 4K TV that has HDR support, I was really impressed. Of course the game itself has to be able to support it and I just lucky enough to have one of them, which is Uncharted 4. The graphics and color are so beautiful and realistic, especially on tropical jungle scenery location. For a non-gamer who happens to be around while I'm playing, she also shocked that how come a videogame can look so realistic and even asked whether or not I'm playing a game or watching a movie. I certainly looking forward for more titles to support HDR functionality in future, especially AAA first party titles.