wavefront 3D model obj file does not read mtl (gray), MacOS Big Sur 11.5.2

MacOS Preview utility reads wavefront 3D model obj but it displays it in gray with all the materials and colors missing. The same problem is with inserting wavefront 3D model obj file in let's say PowerPoint on MacOS. Note that the same files can be inserted in PPT and can be opened on Windows10 in 3D preview and are displayed correctly, i.e. with all the materials properties present. It is quite obvious that MacOS does not read the materials .mtl file that comes with wavefront 3D .obj file. The problem occurs at the time when the file is opened only because Mac PowerPoint shows the same 3D models correctly if they were inserted in the ppt file on a Windows10 computer.

I tried it on MacOS BigSur 11.5.2 on iMac and M1 laptop. I tried to contact Windows community (regarding PPT specifically) forum and they confirmed that they can reproduce this problem but the problem is obviously on the Apple side (MacOS more specifically) as the behavior is absolutely identical in Preview and PPT.

Can Apple do anything about it?