Not licensing. JXL has no royalty. HEIC actually costs them a license.

It's all about the die area spend. HEIC is practically free: they can use the HEVC/H.265 video encoder already on the chip. And JPEG-1992 is so tiny that it's in the noise. JXL is mathematically much more complex (expensive).
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Not to say we won't ever see a HW JXL encoder, but given that we're first seeing JXL encode IP show up in late 2025 I would only expect to potentially see it on the next wave of cameras in 2-5 years (current chip arch was likely frozen 2-3 years ago).
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