Does AV1 do subtitles? The reason most pirated videos use MKV instead of mp4 is because it does subtitles easily.
The MPEG LA is just a licensing administrator formed by companies owning MPEG patents, they didn't standardize anything nor are they responsible for MP4 container.
The standards working group is MPEG, and according to Wikipedia the two are not affiliated ( https://en.wikipedia.org/wiki/MPEG_LA ).