Web components sound neat until you try to make styling and SSR behave across a mess of app setups, and then you're burning time on shadow DOM quirks, hydration bugs, and framework glue instead of the player itself. Most users do not care. A plain JS lib with a decent API is easier to drop into an old stack, easier to debug, and less likely to turn us into free support for someone's anicent admin panel.
This is such an elegant summary of why WCs are painful. I wish I had summarized it so well. I'm on the Video.js team and I wrote about my journey on this front as well [1].