Most of MPEG2 was focused on interlaced formats. MPEG1 can already handle 4k by 4k video. MPEG1 and 2 can already handle HD on bluray media. Even at the max bitrate (100Mbps), a bluray can store 1.4Hrs of video.
One could definitely take parts of MPEG1 and MPEG2 to create a new good enough codec for many use cases.
> One could definitely take parts of MPEG1 and MPEG2 to create a new good enough codec for many use cases.
Well people did exactly that - and they named it:
- MPEG-4 Part 2 (also known under names like DivX, Xvid, ...)
- MPEG-4 Part 11 (also known as AVC, H.264, ...)
- VP8
- VP9
- AV1
- MPEG-H Part 2 (also known as HEVC, H.265)
Those are all codecs that build on and extend what MPEG-2 is.
Personally, I see the benefit in 4K having a setup to take advantage of it.