true peak and what to do

Pity because there is a big problem.

Could it not be argued that all the hyper-compressed mixes being produced by said industry are inherently damaged? Not everyone in the industry subscribes to the same thing, and this is part of the problem. There is loudness anarchy and peak confusion.

The whole audio industry is slowly and painfully moving towards a loudness based paradigm, as opposed to a peak based paradigm. When the whole broadcast industry respects R128, or something similar, from delivery to actual broadcast, hyper-compressed mixing and mastering will cease to have any real value, and will actually sound rather weak - all of which I am sure you are aware.

Is it therefore not wise for the music industry to start becoming aware of how damaged all the hyper-compressed stuff really is? and to become aware that they are slowly but surely being left behind?

IMO only if you adhere to a peak-based maximisation, and hyper-compressed, paradigm. There is really no audible improvement in consistently pushing peaks to between 0 and -0.5 dBTP as you recommend, at least certainly not as a blanket recommendation for all types of music programme.

Would you not agree that you might do far better by concentrating on the loudness and dynamic range of the audio rather than the peaks? The ear responds to loudness and dynamic range far more than peaks, so taking care of these elements is probably far more important than peak maximisation. You could let the odd peak hit -0.5 dBTP, but -1dBTP seems a reasonably good target for the majority of the time.

Surely, the EBU recommendation (-1dBTP) is chosen from the point of view of protection ie: ensuring that inter-sample peak distortion is avoided in the reproduction chain, or if the master was to be converted to a lossy format at a later date. It is not some kind of manner in which we can apply a peak-based paradigm to a loudness meter. Peak level settings as applied when using peak meters and peak-based mixing habits ceases to have the same relevance in the world of loudness meters. Clearly, an EBU R-128 meter is firmly concentrated upon the loudness values, and in this setting the peak values become secondary, and somewhat arbitrary, (although never to be completely ignored). Where you set your loudness values and how much compression you use are of course different discussions entirely.

All just my humble opinion, of course.