Quite why this happens is something we were uncertain about before a kindly developer clued us in. From what we've learned this week, it appears that this ramping up of the gamma is actually deliberate on Microsoft's part. The actual reason it is in place on the Xbox 360 is because Microsoft believe that it looks better on the average TV. Bearing in mind the breadth of displays available and how they are typically so badly calibrated when you buy them (brightness and contrast are often ramped up in order to make them stand out on the shop floor), we can't help but think that this is a call that the developer should make.
Developers are made aware of the gamma conversion, and Microsoft provide an exact table of the transformation so it can be reversed should developers wish to factor it out while they build the framebuffer - but with the black crush we see on occasion, we can only wonder if this is a 100 per cent non-destructive process. However, the fact that this option is there means that the issue probably can't be changed with a firmware update, as the chances are that "corrected" games will then look very strange indeed. Properly calibrated games like Burnout Paradise for example will no longer be displayed correctly.