Over time Thunderbolt has evolved in what it covered. There is both the Thunderbolt standard ( a set of things over the physical port, electronically , and connectivity to other subsystems. As well as 'transport' protocol. ) and the baseline transport protocol used for signaling on the wires. Compliance with the standard is what gets systems the right to put that Thunderbolt 'lightning bolt' symbol next to their port on a device. The protocol has forked out a bit over time.
As for as the physical interface port, Thunderbolt ( or previous Lightning) never had its own. In the early Lighting phase Intel was looking to 'superset' the USB port. USB-IF nixed that. So Thunderbolt merged in with the , at that time, new mini-DisplayPort. Pragmatically part of the bargain for that was that Thunderbolt had to help DisplayPort become a more widespread video out standard by making 'alternative mode'/'DP pass through' mode always be present on TB implementations.
As Thunderbolt grew and got lots more inertia behind it there was another stab at merging in with USB-IF port. Intel/Apple/others developed the USB Type-C socket and Thunderbolt adopted that. Of course, they didn't drop their first 'bargain' and Alt-Mode DisplayPort was very much part of the Type-C roll out. That happened at Thunderbolt v3.
More momentum and Intel decided to hand out the basics of the underlying Transport protocol to USB-IF. That was weaved into USB4. USB-IF buy make a much wider scope of things 'optional'. There was no guarantee that as computer host system that is USB4 certify actually fully implement a TBv3 standards at all. Same Type-C port. USB4. but plug in a TBv3 device and it won't work. The only devices in USB4 absolutely required to implement all of TBv3 was "USB Hubs" I think. Host systems and peripherals all can grab 'get out of jail free' card.
At Thunderbolt 4 the standard more so became "no surprises" with fewer optional and 'get out jail free' cards. Fully use the underlying transport protocol and a more compatible way. Thunderbolt 5 will be USB4v2 with less loopholes also.
At this point the Thunderbolt transport protocol was somewhat like the IP protocol the Internet uses. both TCP and UDP can be layered on top of IP. If you want data to be guaranteed to finally arrive in order , without lost packets in standards compliant way , you use TCP/IP. If want to build a custom layer to deal with loss/damaged/out-of-order packets you can roll your own with UDP.
Along the way DisplayPort was trying to catch up to HDMI 2.0+. They decided to use this now 'license free' base transport protocol of Thunderbolt but throw away all the bidirectional features of the protocol and some parts of the routing. They are using a subset. But several implementers have built cables and transmit/recieve silicon to deal with those basic packets at that higher speed. So it was cheaper than doing something completely from scratch.
DisplayPort had never completely dropped their full-size DP port when picked up mini-DP and later Alt-mode Type-C. DisplayPort v2.1 is converging onto the Type-C physical interface.
Touts improved coexistence of data and video signals over USB4 connections.
www.tomshardware.com
There are lots of problems with trying to crank up the speed with these physical copper connections and again it is just way more affordable to piggyback off of work that other folks are doing with shared R&D spend.
Type-C port in and of itself doesn't mean the protocols are the same. In USB-IF standards the Type-C power could deliver just USB 2.0 and that is it and still be in compliance. Just a protocol from the last century and done!!! (USB 2.0 passed in 2000 , but was formulated in the previous century). A gross underutilization of that port's potential capabilities, but it is perfectly 'legal' USB-IF standards. The 'U' in USB is for "Universal" which very much leans toward 'Ubiquity' connotation of that. It is trying to be a 'do everything for everybody' standard. That drifts into the 'one port to rule them all' zone. Which is a dual edged sword.
DisplayPort v2.1 has to use the same physical socket as something that meets Thunderbolt standards. The underlying protocols have some base level transport similarities. But to pass Thunderbolt standards have to do more than that. You have to meet the completeness requirements that Thunderbolt lays out.
If one computer on the internet implements program that 'talks' TCP/IP and another computer's program does UDP/IP. They aren't going to talk to one another. Same thing here.
There is a high degree of commonality being force here because doing very high speed over copper wires is problematical. There is much more 'transport tech' sharing going on, but not more homogenous standards.