Even with power savings it was usually more economically efficient to run encodes on a large (12+ core) machine than to deal with limited amount of nvenc slots on GPUs.
NVENC is good at cleaning the noise and fast encoding. ( Or basically Game Streaming ). Which isn't something you want to do if you want to do movies encoding.
Sure, and I think hardware encoders are great when you need speed, certainly for real-time video. But in other cases, well, the medium preset sucks. I always encode videos at `veryslow`, and there's just no way to get close to that with a gpu.
You can mass parallelize it by encoding different clips on different CPUs, this is more optimal because it has less communication overhead.
There's a lot of other free video encoding tools, like avisynth plugins, that are just better than all professional tools. I'm not sure why this is, maybe customers aren't sophisticated enough.
Also, good video codec engineers can’t be hired for any predictable amount of money, and ones who speak Verilog barely exist.