So essentially just a mix of color couplers in each layer instead of only the ones that match that layer's sensitizers. Makes some sense in terms of minimal line changes between color and monochrome. I wonder how Polaroid handles this?
From what I understand with how Polaroid colour film works, exposed silver halide crystals block the dye underneath, preventing it from migrating to the surface where it forms the picture. I don't think they work like regular colour film with dye couplers. This alleviates the need for a bleach/fix step. So, for example, exposed red-sensitive silver halide would block its complementary dye colour beneath it (cyan) from diffusing to the receiving layer, allowing both yellow and magenta dyes, which form red. I presume Fuji Instax colour film works the same (though it's exposed from the rear).
So with Instax monochrome film, instead of having yellow, magenta, and cyan dyes underneath the different layers of RGB sensitive silver halide, it would only have black dyes. I'm not sure if that's how Fuji does it, but maybe that's why filtering one colour out lowers the contrast, and especially dmax. I'll have to load my SX-70 with Polaroid b&w and try out the cloud filter to see whether it reacts the same.
Polaroid b&w instant pack film worked quite differently. Exposed silver halide developed fairly quickly and became metallic silver, preventing it from dissolving. The unexposed silver halide dissolved in fixer (the gel reagent was essentially a monobath) and diffused to the receiving layer, which was coated with the right chemicals to turn it back into metallic silver.