I am not processing expert, but the consensus seams to be that polarization is hard to reproduce?
Like all generalizations, this one is also (partially) right or wrong, based on context. Polarization has two major effects: removing reflections/glare and darkening the sky. It is indeed very difficult to reproduce the former, but not so difficult with the latter.
The main reason rainbows "pop" with polarizers is the sky-darkening effect, making them stand out better against the darker sky.