Google released the paper [1] "Warehouse-scale video acceleration: co-design and deployment in the wild " a few days ago.
https://news.ycombinator.com/item?id=26925307
>It does reduce flexibility when new video formats get released though.
A new video codec is released and adopted once every ten years. So I dont think it would be a problem. Hardware encoding also trade compression quality for speed. And they are compensating it with slightly higher bitrate. It will also reduce their incentives for improving open source encoder.
Although I think even Netflix switched to BEAMR ( Cant really blame them though )
I think the next frontier, for both Audio and Video will be Codec designed with LiveStreaming / Low Latency in mind.
( Or pretty much everything computing, I wish we could focus on latency, from Hardware Input, Display, Network, Disk, etc. Apple is certainly moving in that direction without talking about it. )