If not now, then later. In my opinion, this would be MPEG getting their teeth into a new tech, in order to either license it now, or wait until it has traction and then license it.
It is absolutely amazing tech though. Shame.
There are open source implementations of various MPEG and JPEG codecs, but they still carry a licensing fee to use them. Most people who don't use Linux don't realize this (installing Linux and trying to deal with av codecs is a quick education in the difference).
We're working on a flat C API for ORBX script nodes which will (we hope) leverage WASM+WEBGPU/VK to add novel functionality within the node graph itself instead of needing it to be in an arbitrary external renderer. This was how we first implements ORBX1 video in pure JavaScript back in 2013
Note that Graphs can further 'render' a scene to valid glTF/mesh and volume formats, not just texture/image output buffers.
I don't think glTF will be able to fully replace alembic/FBX soon in the schema sadly, based on last KHR discussion at siggraph (I understand the reasoning, do not going to advocate they change it); glTF is still a useful asset format for proxy volumes or baking to webgl pipelines.