So, you need to invent slots. Logseq did exactly that - all the org-mode specific lines get lifted verbatim into .md. Obsidian did it differently with emoji fields or Dataview inline fields (or whatever they called). Neither produces portable Markdown. GitHub renders those files as literal noise. The portability benefit that motivated the move evaporates the moment you add the metadata you need.
And then you'd have to build a specialized parser - there's no equivalent of `org-element` for Markdown. Sure, tree-sitter helps to some extent, but you're still lacking a semantic layer that turns nodes into records.
In essence - for Emacs to treat Markdown as Org-mode, we need to change Markdown, once that happens (if ever) Emacs can follow. But at this point it is already such a mess, it's crazy. Take front-matter alone - it's not CommonMark, it is a Jekyll convention that each tool does differently, and it is per-file, so your unit of thought is limited to become a file. That is the Obsidian/Denote/zk design, it works - but it moves your outline into the filesystem. You lose refile, subtree archive, narrowing, cut-and-yank of a subtree, and "this TODO belongs under that project heading". Org gives you both: file keywords at the top, property drawers on every heading, with inheritance down the subtree that front-matter structurally cannot express.
The point is that markdown could have todo's or virtually any other aspect that org mode supports put into it without changing the markdown standard and layer org functionality and various features on top for example todo's could simply be italic's starting with todo: so `# todo:todo hello` could be parsed as a todo entry marked as todo.
If you want to use markdown for Agenda and calendaring in Emacs you'd have to invent a different subset of markdown, most likely poorly supported anywhere else. And if you get there, then it begets a question - why? If we already have something far better and it's called Org-mode?