My personal analogy for this is that video encoding standards are basically like toolkits for building houses, while encoding software is like a robot trained to build those houses using the tools in question. New standards bring new tools to the toolkit, but training the robots to use them effectively is going to take its time and is often even worse than the previous robots in the beginning simply because the older robots have gotten so proficient with their respective toolkits. x264 in particular is basically the top robot in this department and the standard which any new entrants should aim to beat both in quality (not necessarily too hard) and in time efficiency (which is the much bigger challenge).