Have bumped into it years ago in video production land where that was where the product had to be uploaded, but haven’t heard much in web design land. I see lots of plugins, themes, and page builders that support Vimeo and YouTube or self hosted (maybe brightcove would fall under that category) but I don’t see mention of brightcove being tossed around.
Vimeo is what I use, but occasionally even it isn’t supported. For example my video background in Elementor only supported YouTube or self hosted. Very annoying because YouTube has turned off support for some legacy code that let you embed without the title showing (showinfo=0) so now my embedded video shows the title if you have your browser window scaled very narrow. But it’s a loop and it only shows it’s the first go round.
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Clock Maker https://bretfx.com/product/bretfx-clock-maker/