There are some misconceptions here. I worked extensively in DTP and ICC creation before my time in motion picture color science. I’ve spoken at conferences for both sets of technologies.
ICC and ACES are for different industries and solve different issues.
ICC is both a color management architecture and color management system. It’s similar to ACES+OCIO.
As color management systems they have a lot in common. The new ICC max format removes most of the print centric limitations from the past.
While ICC was paper bound, color science for motion pictures was film bound. IIF which was renamed ACES was a film centric workflow and design. So while ICC originally was based around a d50 white of print shops, ACES used a D60 that was a compromise between film white and video white.
It’s hard to over state the speed and capability difference that has happened over my time in the industry especially for rendering. From my time beginning in ACES Most color transformations were done were exceptionally optimized. Most were 1-d luts that were optimized for use, so 8,10,12 and 16 bit 1-d tables were benchmarked against render time. The fastest systems were still significantly integer based. Results were written directly to and from the graphics cards. The ICC framework was impossibly processor intensive for that application.
However going the other way was a non-issue. Making copies of the motion picture pipeline that could be used in ICC is pretty trivial. This is why OCIO has bakeicc commands. You can have matte painters and visualization artists work in native colorspaces via ICC.
Color management in motion pictures is still in its infancy. It’s catching up quickly but ICC style color management benefited from additional decades of implementation and development. As well since it can be used in mass market devices there is a volume of support and money that ACES will be challenged to meet.
A quick gut check for this can be had even in products targeted towards motion picture processionals. Prorez raw launched without an ACES output function, but nearly every Apple product uses and supports ICC.