I'm starting to suspect that NO Acer Predator monitors with GSYNC (X34, Z35, XB271HK/U, XB321HK) can actually display 1.07 billion colors/10-bit color.
Can anyone with a GSYNC Predator Monitor (any model/size) test and see if they can enable 10-bit color support in NVIDIA Control Panel? To enable 10-bit color, in the NVIDIA Control Panel, click on 'Change resolution', then, under '3. Apply the follow settings', select 10 bpc for 'Output color depth.' This selection needs to be enable in order to display 1.07 billion colors. Almost all recent NVIDIA cards should support this setting with a true 10-bit panel (as of driver version 353.06).
Without true 10-bit support, none of the Acer Predator Monitors will be able to support wider color (particually important for partial support of HDR games), which would be a huge bummer. Some games, such as Alien Isolation, already offer 10-bit color support, and it significantly cuts down banding and improves textures when enabled.
For a simple example of the 10-bit banding correction, this top image is how textures should look with 1.07 billion color support:

The bottom image is they look with an 8-bit panel/path (this how it looks on the XB321HK, despite the manual listing 1.07 billion colors) - notice the banding in the shadows:
