What the sensor actually records
A camera sensor does not see colour. Each photosite measures brightness only, and colour is obtained by placing a filter over the array — usually a Bayer pattern where half the sites are green and a quarter each red and blue. The RAW file stores those single-channel readings directly, along with the metadata describing how they should be interpreted.
Turning that into an image requires demosaicing: reconstructing three colour values for every pixel by interpolating from the neighbours. Then white balance, colour matrices, tone curves, sharpening, and noise reduction have to be applied. Shooting JPEG means the camera does all of this immediately and discards the original measurements. Shooting RAW means it is deferred to you.
Why RAW files look flat, and why editors disagree
A RAW file opened without processing looks dull and low-contrast because none of the interpretation has happened yet — no tone curve, no saturation, no sharpening. What you see on the camera's rear screen is not the RAW; it is the embedded JPEG preview the camera generated using its own picture style.
Because every editor implements demosaicing and colour interpretation differently, the same RAW opened in different software genuinely produces different images. Neither is wrong. This is also why support for a new camera model takes time to appear: the vendor's variant has to be reverse-engineered and a colour profile built for that specific sensor.
The 14-bit advantage
RAW records 12 or 14 bits per channel against JPEG's 8, which is the difference between roughly 16,000 tonal levels and 256. That extra range is invisible in a well-exposed shot straight out of the camera. It becomes decisive the moment you need to recover a blown sky or lift a shadow — the information is still there in a RAW, and has already been rounded away in a JPEG.
This is the practical case for shooting RAW: not that it looks better initially, but that it survives editing. A two-stop exposure correction that a RAW absorbs without complaint will leave a JPEG banded and blotchy.
Converting RAW files in a browser
Full RAW development requires per-camera colour profiles and a demosaicing engine — it is what Lightroom, Capture One, and darktable exist to do, and it cannot be done properly in a browser tab. What a browser-based converter can do is extract the full-size JPEG preview the camera embedded in the file, which is exactly what you see on the camera's screen.
For quickly getting a shareable image out of a RAW without installing anything, that preview is usually all you need. For actual editing — recovering highlights, correcting white balance, working the shadows — use a proper RAW developer, because that is the entire point of having shot RAW.