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HIP-4 docs literally call outcomes "bounded options-like instruments"
You don't describe your own product by what it isn't unless you're setting up the next one
HIP-5 is options imo. HIP-3 gave you linear leveraged (perps), HIP-4 gave you binary no-leverage (outcomes), the obvious gap is non-linear continuous payoffs, which is just... vanilla options
Holding a perp + outcome + option in one cross-margined account. Every on-chain options protocol has struggled to scale bc nobody solved margining. HL is the only chain where it would actually compose