this is an argument among artists, and each statements can be taken subjectively rather than objectively. You talk about Dynamic range in monitors vs. dynamic range in sensors. What is displayed is much different than what is captured.
When you say "is anything of value lost by having high contrast..." that is actually a subjective question. There are different types of photography for different types of shots. Then, there are the artistic rendition of the shot. If you like to keep your images high contrast, there's nothing wrong for you to do so. If you want to retain detail in all your images, fine, there's nothing wrong with that.
What's more important is that you identify the dynamic range of the scene you're about to take. Some people like to go overboard with the HDR and create the tone mapping to "fake it out". Personally, there's a place for that, and a market. Then, there's people who would like to retain detail in the sky (let's face it, the sky sometimes has > 4 stops of dynamic range to keep) and maintain solid detail on their subject as well. Why? because sometimes, we'll get incredible cloud coverage, but yet our subject is beautiful at the same time. We would need at least a 18+ stop camera to reach that range.
Remedy? HDR or a graduated neutral density filter. The HDR technique is much more controllable, as the GND may be off a little...