Unfortunately no
HDR = Hardware not software
Actually no, it is both. As long as the backlight brightness and panel color gamut (both HW) support the requirements of HDR, the interpretation of the metadata and conversion for proper display through the panel is all SW.
LG OLED certainly has a wide color gamut, and if the OLED panel can truly produce 800 cd/m2 over a 1% window, that should support HDR brightness for highlights, but the real question is what effect that high-brightness output may have on lifetime.
My suspicion is that while LGs OLEDs may be able to support HDR from a pure HW specification point of view, and could possibly be upgraded with SW/FW to interpret and display HDR metadata, they don't yet have an understanding of what this will translate to in terms of product reliability and especially lifetime.
If LG were to release HDR capability and the first time an owner were to display an HDR movie they were to ruin their TVs through burn-in or panel non-uniformity (dead/dim zones), it would be catastrophic. And since there is not yet any real HDR test material available, it is more difficult for LG to assess the impact of HDR on OLED than it is for Samsung and others (including LG) to be confident it will not result in reliability/lifetime problems on LED/LCD...
Expect LG OLED to release HDR capability as slowly as possible and only once it becomes a marketing show-stopper (the difference between possible success and certain failure).
Samsung pulled a rabbit out of a hat and it is still to early to say what it will end up meaning yet...