That may be true in the abstract or in the case of MPEG's multimedia technologies. It is not true in this specific case of genomic file formats.
The existing formats in use in the field (BAM and CRAM) that MPEG-G is looking to supplant come from the genomics community itself. They have come about in the course of bioinformaticians' work analysing sequencing data or as bioinformatics research [1]. Thus this R&D has primarily been bankrolled as scientific research; the funding comes from scientific charities or other scientific research funding.
That is to say, it has come from collaboration.
[1] CRAM originates from "Efficient storage of high throughput DNA sequencing data using reference-based compression", published in Genome Research in 2011. <https://genome.cshlp.org/content/21/5/734.long>