What is the point of making custom codecs for Bink, instead of using state of the art free codecs?
The free codecs might not necessarily be designed or optimized for the platform you're working on. Porting an open-source player for your particular situation might cost more in developer time than simply licensing Bink. Bink's developers are also going to be more conscious of the technical limitations of a game console that you might be running into (eg: hard thread/socket/resource limits) compared to a more general…
This sounds like an artifact of the past. Today there aren't that many hardware platforms that free codecs don't already cover properly. And I expect with something like push by AOM this will become even less and less of an issue in the future. Codecs are becoming more of a commodity in this sense so something like Bink I expect will be less and less relevant.