I don’t think they’ll touch this part anytime soon. It’s been unchanged for a few years now, they certainly have other priorities.
I won't use it, myself, because I can't deal with wallpaper moving behind my work (I also can't listen to music, while I work. Maybe it's a "generational" thing). Also, I use a 49-inch ultrawide, so it might be vomit-inducing.
I remember some other utility that played wallpaper videos, but it wasn't anywhere near as nicely done.
I originally thought that this was an extension to keep a video running in the background.
It simply allows you to add your own videos to the built-in Apple ones (much more useful to me).