My take is that the altitude reported by ADS-B out as well as Mode C transponders is for use by ATC to maintain seperation between aircraft, hence the use of pressure altitude. ATC is much less concerned about your altitude over the ground than you are - they just need to keep us all 500' (?) apart. A standard reference is needed, hence 29.92" HG.
So, what ADS-B reports to ATC, and what it useful to us are two different things in some cases. If we can see our pressure altitude referenced to 29.92, then we can determine our seperation from others without help from ATC, i.e. on the iFly display.
That's my guess anyway . . .