Max is the only 3d application that isn't color managed, it actually is surpassed by simple free image viewers when it comes to displaying colors.
Whether we work for print, game or video/film/vfx, in 99% of our work the final result is a pixel or a textured model, viewed or displayed on a variety of devices. Not being able to use color profiles and LUTs in order to judge colors early in the work process is absolutely unacceptable in the year 2017.
Color profiles - we need per-scene color profile settings that will globally apply for color swatches, maps (procedurals+bitmaps), viewers (Viewports, Unwrap Editor, Bitmap Viewer, Preview etc.), the VFB and file render output, with options to override global profile for individual bitmaps for maximum flexibility.
LUTs - we need a way to apply LUTs to bitmaps (single and sequences), image viewers, the Preview, the VFB and file render output. Also, we need a way to quickly manage LUTs from different places on the disk by creating LUT libraries, quick LUT preview/compare in the VFB without re-rendering.
In order to be actually usable, Max should support for ALL industry standard files, not just Autodesk's CM solutions. Also, color profiles and LUTs used in a Max file should be included in the file for proper interop.