That didn’t stop, of course, but I generally don’t notice the improvements if I’m not looking for them. Someone with a 4K or better home theater will 100% benefit from newer codecs’ many improvements on all those extra pixels but if you’re the other 95% of people watching on a phone or tablet, lower-end TV with the underpowered SoC the manufacturer could get for $15, etc. you probably won’t notice much difference and convenience will win out for years longer.
One area where this can be important to remember is when comparing codecs: a fair number of people will make the mistake where they'll take a relatively heavily compressed video, recompress it with something else, and get a size reduction which is a lot more dramatic than what you'd get if you compared both codecs starting from a source video which has most of the original information.
this. our TV (a few years old, "smart") can play videos from a network drive, but doesn't support H.265. reencoding a season's worth of episodes to H.264 takes a while...