I also have this issue. iMac (Retina 5K, 27-inch, Late 2015, VESA option), Radeon R9 M395X, 32 GB ram, with 2 Dell p2175q monitors connected via mini display port. Also on macOS Sierra 10.12.4.
Typically after a longer sleep (10+ minutes), the iMac display will not power up, but the external monitors will. I've seen a few cases of just prior to completely wake up, the iMac display will flash some life for a moment, and then power off, leaving just the external monitors alive. A majority of the cases of this issue result in the iMac display not coming on at all, with the external displays powering up and displaying a portion of the desktop without issue! The only solution to get the iMac display going again is to reboot.
I've tried changing various Energy Saving options, including disabling Power Nap. I've reset SMC and PRAM, with no change in behavior. Night Shift schedule is "Off" and have never enabled the feature.
If it helps any, my usual method of getting the displays to go to sleep is using the "Keychain Access" Lock Screen feature from the menu bar in the status icon area.
I have never experienced this issue until the 10.12.4 upgrade, so I suspect it's something to do with this new version.
Edit: Absolutely happy to assist in debug/logging for Apple if they give me a buzz.