- Why do high-end cameras not do this out of the box? Is this not a very straightformward way to improve the capabilities of a camera?
IIRC Canons starting from 5DM3 can do multiexposure stacking, with average, median, min and max filtering, with one raw file as result so it can be used in PP-less competitions.
Why? There is negligible user demand for this feature. If it exists already and you don't know about it, then even less tech savvy people won't.
While the Canon's do have a multiple exposure, the resulting file is not a raw file any longer.
I tested out the feature myself and discovered Canon's implementation bake in the white balance and clip whites, so Anton's script actually is better in the sense it retains the full flexibility of working with true bayer data.
Checked with
Hraw and highlight clipping.

Single file

Stacked in Canon
With white balance on (Canon stacked has already white balance baked in) I don't find any difference.

Single file

Stacked in Canon
I am not sure what your example is showing, if the highlights were blown in raw in a single capture, then a stack's highlights will be blown.
My highlight headroom test consisted of taking a single capture of a static scene in which the highlight started to blow out in the jpeg preview but were recoverable in raw. However the same exact scene captured with the multiple exposure facility set to average created a "raw" file with unrecoverable highlights.
As for white balance, if its baked in, then its no longer a raw.
My conclusion was that Canon's implementation of "raw" multiple exposure for the Canon 5DMIV is flawed, whereas Anton's method resolves issues I've encountered around keeping raw data raw.