Earlier quoted context omitted.
Possibly, nothing. Codec development is slow and expensive. Free codecs only came along at all because Google decided to subsidize development but that became possible only 15 years or so after MPEG was born, and it's hardly a robust strategy. Plus free codecs were often built by acquiring companies that had previously been using IP licensing as a business model rather than from-scratch development.
IP law, especially defence against submarine patents, makes codec development expensive. In the early days of MPEG codec development was difficult, because most computers weren't capable of encoding video, and the field was in its infancy. However, by the end of '00s computers were fast enough for anybody to do video encoding R&D, and there was a ton of research to build upon. At that point MPEG's role changed from b…
The point is, if there had been no incentives to develop codecs, there would have been no MPEG. Other people would have stepped into the void and sometimes did, e.g. RealVideo, but without legal IP protection the codecs would just have been entirely undocumented and heavily obfuscated, relying on tamper-proofed ASICs much faster.