For many photographers in many fields, composition and color rendition/output will likely matter more.
Why wouldn't color rendition be part of IQ?
Because color output and rendition are highly dependent on the photographer and what he or she wants. You have folks who prefer Zeiss colors, others who prefer Sony colors, and others still who want something else entirely. There's an entire discussion going on right now in the Sony Full Frame forum about these preference issues and what folks consider to be 'pleasing color' (as well as arguments over what is or isn't 'color science').
Additionally, so much of color output is driven by other choices. In portrait photography, there's the matter of lighting, whether or not a stray light or object with a different color than what you seek bleeds into the image, even skin tones and how to compliment them through props and settings. In product photography, the use of Photoshop to change backgrounds as well as steps such as photographing a background before shooting the subject product, also plays parts in color output and rendition.
In short, color rendition and output is really subjective, driven by various biases (including racial biases, a point made by the fact that until the 1970s, when Hershey and other chocolate makers demanded that Kodak produce better renditions of dark tones, Black and Brown people's skin were poorly rendered in images -
https://petapixel.com/2015/09/19/he...lm-was-originally-biased-toward-white-people/), and even by people's physical ability to assess colors (one in eight men suffer from sort of color blindness). So talking about it as an objective measure of image quality doesn't work.