Well I did some research to try and understand why eARC wasn't implemented as an audio out over standard HDMI to make it backwards compatible with older non eARC proceasors. It sort of makes sense when you read it.
How does eARC work? eARC transmits a high bitrate audio signal from the television to the audio device using an HDMI with Ethernet cable. This cable was designed in HDMI 1.4. An HDMI with Ethernet cable has the same connector and pins as an ordinary HDMI cable. However, inside an HDMI with Ethernet cable, pins 14, 15 and 19 are constructed as a twisted, shielded pair – originally intended to serve as an Ethernet channel alongside HDMI. In HDMI cables without the Ethernet feature, these are simply straight-through pins, which cannot support transmission of the eARC signal. The eARC signal transmitted by the television is similar to the format of a SPDIF audio signal, but it is transmitted at up to 98 megabits per second. Because of the protocol overhead, the maximum raw audio speed is about 37 megabits per second, which is the rate of eight channels of 192 kHz, 24-bit uncompressed PCM audio. (8 x 192,000 x 24 ≈ 36,864,000 bits per second)
A one megabit per second, bi-directional data signal is modulated on top of the eARC audio signal. This bi-directional signal is used to allow the eARC TV to discover the eARC audio device. This data signal has several other functions: It allows the TV to read a list of audio formats supported by the audio device, allows the TV to send lip sync correction data, and it lets the audio device send regular “heartbeat” signals to the television, letting the television know that its built-in speaker should be muted. These data-related signals are mandatory in eARC devices. None of these signals are available in optical (TOSLINK) or SPDIF audio, and are optional in the older HDMI-ARC audio.