The three main problems with the proprietary formats are that they are 1) not publically documented and 2) incomplete (ie you need information about the camera that's not stored in the format itself), 3) there are many of them causing a substantial effort to implement support for them, making it harder for small software developers to get into the game.
When camera companies go out of business, like Kodak for example, you may end up with incomplete information so you cannot make full use of your raw files. As a medium format user I don't trust that the companies will stay around forever, in fact my own digital back has been discontinued and the format is no longer used by the company so it's just a matter of time before it disappears from software too (fortunately it's been reverse-engineered to a decent level in open source software). I only use cameras whose formats have been reverse-engineered to a satisfying level, ie good results can be had in open-source software.
The problem with DNG from a camera manufacturer is that it's substantially different from their own established format and it would cost a lot to change format, and for raw converter makers like Phase One's Capture One the color model of DNG differs substantially from their own making it hard to integrate. So DNG adoption is no easy task.
The main challenge with a standardized raw format like DNG is color rendition. Color science is no exact science and you can convert the raw data into colors in lots of different ways, and current raw converters have much different models, only Adobe has the one that is specified in the DNG standard. It's also something that vendors use for differentiation. Some like the color rendition in Lightroom, some prefer Capture One etc. Worth noting is that most/all proprietary formats have only little information in the format itself how colors should be rendered, you need information on the side (integrated into the proprietary raw converters) to be able to render colors.
Anyway, it's not hard to understand that Phase One, Nikon or Canon are not particularly fond of the idea to implement Adobe's color model in their raw converter, as they already have their own which they and many users like better than Adobe's found in Lightroom. This lack of standard however means that you as a user one cannot expect to be able to recreate the same color in 20 years from now with the software that exists then.
Instead of having a rigid color rendition model in the format (like DNG has today) I think it would be better to skip that and just concentrate on describing what has been captured, ie describing the spectral response of the sensor color filters so converters today and in the future can relate to that in the current best way. You'd lose the possibility to exactly recreate the color as you did with a 20 year old software, but I think that's doomed anyway since you just need to change a contrast curve or similar in the raw converter to alter color, if you want to be able to recreate a print far into the future you should save the readily processed TIFF.
Instead the principle of a standard raw format should be to save all information needed to adapt to any color model the raw converter chooses to implement.