I've been having this issue for well over a year now and have tried just about everything anyone has suggested, except for spending money on hardware (I just can't justify throwing good money after bad).
The Ctrl-Shift-Eject [pause-2-secs] Shift-Key wakeup method always works for me.
I had a bout of about 10 blanks in a row just before starting this reply - soo frustrating! I turned off the auto-brightness adjustment, which seemed to work... but alas - it just blanked again while I'm typing this.
I noticed that my keyboard brightness controls also stopped working there for a few minutes (volume controls still worked fine). It's sorted itself out now. I'm not sure what that was about - it could be related? Who knows...
Could this just be an OS bug? One which crept into the OS a few years ago and is only prominent on non-latest-gen hardware? Would this still happen if we were running the OS version that originally came with the machine? I rebuilt the machine from scratch last xmas, to no avail, but I reinstalled the current macOS at the time...
I have a 27" iMac (mid 2011). Can't remember what OS version it came with at the time. Is anyone still running the original OS on their 6 year old iMac, though? If I put on my cynical hat I'd say this issue is known to Apple and they have 2 options. Option 1, spend debugging/development resources on finding this *nasty* bug in macOS (and probably earlier versions) to make our ageing iMacs perfect again OR - Option 2, get us to buy the new iMac (when the old one is still perfectly up to the task).
PS: Take note Apple - this has been a 31-screen-blank reply for me - Oops, make that 32 :-)