> Granted, I'm not sure there existed a computer in the 90s that was powerful enough to encode or decode it.

In software, quite possibly not[0].

But I'm sure we could have built hardware decoders that were up to decoding AV1 or HEVC back in the 90s no problem, had those codecs existed at the time.

[0] Somewhat later than the timeframe we're talking about, but I remember with pain the moment I realised my 600MHz Athlon, with 256MB RAM and 32MB GeForce 256 video card, was thoroughly obsolete because it couldn't decode and play the original Half Life 2 preview without stuttering, screen tearing and, indeed, crashing.