I never expect decent HDR from a projector. It's just a lost cause. I would start with a new lamp and reevaluate. It's not really possible to objectively gauge the projector any other way.
Based on what you're experiencing I do not believe there is an operational issue with the projector. I took a look at its specs. It has a claimed brightness capability of 2000 lumens, which is pretty good, however I was surprised by the steep increase in expected lamp life when you switch to...