At any point in time there's only a couple video codecs you should be using. When we can repeatedly shave off 30% of video bandwidth, there's no reason to stop making one or two new ones every decade.
Edit: And you can also look at the video codec landscape as having two major standards that put out new versions sometimes. The MPEG/h.26x series and the VPx/AVx series. It's not quite that simple but it's close.
There is no need to have a final one. It's no problem to keep supporting older codecs and add new ones in new products, as long as there's a "common ground" of widely supported codecs.
At any point in time there's only a couple video codecs you should be using. When we can repeatedly shave off 30% of video bandwidth, there's no reason to stop making one or two new ones every decade.
Edit: And you can also look at the video codec landscape as having two major standards that put out new versions sometimes. The MPEG/h.26x series and the VPx/AVx series. It's not quite that simple but it's close.
There is no need to have a final one. It's no problem to keep supporting older codecs and add new ones in new products, as long as there's a "common ground" of widely supported codecs.