The dollar, energy and bandwidth savings possible globally from getting this right means it should be a UN/ISO level commitment to get it right, standardised and committed to.
The cost of encoding and decoding as well as adding a new codec to SoC hasn't changed though. New Codec with the additional storage requirements considering storage cost haven't moved at all, makes very little sense.
May be until a 1Mbps New Codec Encoder could offer better quality than a 4Mbps H.264 Beamr encode.