I never really understood this point — it’s not some proprietary format that has to be reverse engineered, you quite literally has both encrypt and decrypt source code available for every single version it has been released. You can also just pipe the binary output through the provided “decrypt” tool and then further use the usual unix tools if you wish.
But let’s add the advantages of this logging: systemd can log events from the very start of the boot process, which was not possible before.