You want low latency encoding. It doesn't matter if you can half the bitrate of Video but requires 3s delay to encode it. Something which as far as I am concern is done better with VVC.
Their purpose is to dump the frame into compliant stream in least possible time, so the compliant decoder can decode it back. It doesn't concern itself with using less bits; if it does, it is nice, but not deal breaker.
So if the hardware encoders can produce VP9/HEVC/AV1 at roughly the same bit-budget, it doesn't make sense to use the more complicated one. It makes sense to use the one, where you do have to pay less fees, though.