In the 1970s when a megabyte cost many thousands of dollars, there was much more reason to use binary formats than there is now. If it made sense then, it makes much more sense now.
I've been waiting for something better to come along, for a long time.
Still waiting.
Everything old is new again in this industry. Your "1970's technology" might as well be "2020's technology" for all we know. The only thing constant in this world seems to be how cyclical it is.