If you highlight the bulkhead, it becomes more important. If you keep it the matching color, it blends in and becomes unimportant. Which do you prefer?
How about you paint the two visible sides and partly onto the lower area to look like wood beams, and then paint the rest of the lower surface to look like a skylight with sky, puffy clouds and a branch and some leaves of an over-arching tree?

My kitchen also has the bulkhead. Had it painted the same color as the ceiling. It’s fine.....

Don't highlight it. Leave it the color of the ceiling. It doesn't detract from the beautiful decor you have. Ignore it.

I was browsing for kitchen ideas and thought of you when I saw this.

Orange Blaze · More Info

What purpose does it serve; electrical, hvac or other? Could its function be handled by a smaller one as in the orange illustration above? Could it possibly be eliminated completely?

It houses the unit above’s plumbing. Our condo boats would not approve changing its structure unfortunately.

*board

That orange one is nothing like yours do not darw attention to that paint it like the ceiling and thats it and certainly not like wood.