Could someone explain the significance of this, why it took so long, and what it opens open?
Codecs can be in software, but can also be implemented in hardware which is much more power efficient. This change enables the Linux kernel to use hardware VP9 decoders so that software can decode (play) VP9 video much more efficiently when that hardware is available.
The title makes it out to be something fundamental in Linux, but this is just one driver becoming more complete.