This is such a severe problem that even now, (20+ year old) H.264 is the only codec that you can safely assume every end-user will be able to play, and H.264 consumes 2x (if not more) bandwidth compared to modern codecs at the same perceived image quality. There are still large subsets of users that cannot play any codecs newer than this without falling back to (heavy and power intensive) software decoding. Being able to simply load a new video codec into hardware would be revolutionary, and that's only one possible use case.