I think the feel from the Devs is that there isn't enough new functionality to justify the major version bump, this primarily being a reimplementation of existing features.

BUT, I agree with you, it should definitely be V11 under the semantic versioning scheme.
Whilst there is a migration path here, the database changes under the hood alone are likely to break backwards compatibility with all plugins (with in-house plugins being upgraded in sync).
Such breakage is kind of the defining characteristic of a MAJOR version.

In traditional versioning systems you only jump major versions if you break compatibility with previous versions. For instance Semantic Versioning.