Thanks, Ankit!
Yes, the <select multiple> element is woefully inadequate in informing the user what was selected.
Many third-party libraries use a combobox pattern, where there's a textbox containing a comma-separated list of selected options. But that textbox is sometimes a <div> instead of an <input type="text">.
Then, of course, you have the listbox itself, which almost always is a "<div> of <div>s".
That's a lot of things to account for with respect to ARIA attributes.
You've got the role="comboxbox", aria-controls, aria-expanded, and aria-activedescendant attributes - and that's just the bare minimum for the combobox, it doesn't even include the listbox, autocomplete, or keyboard interactions. So, it's an absolute pain to get right. Even then, there are no guarantees because AT can be temperamental with third-party controls.
But yes, when the control receives focus, AT should inform the user of the selected options as well as stating that it's a combobox and collapsed.
When an option is focused (not selected), it should read the text of the option, its selection state, and its position in the list.
In my opinion, it's best to roll your own solution than take up a third-party solution. Accessibility is always an afterthought with third-party controls and your right, support in the long-term isn't guaranteed.
Thanks again!