This technology can be valuable, but getting a patent made standards essential doesn't just compensate you for your invention-- it creates a unearned windfall. Practitioners regularly us anticompetitive and dishonest moves to get their techniques made into mandatory parts of formats, regularly these techniques offer little value over non-patented alternatives-- in some cases they actually hurt coding performance over completely naive techniques.
Xiph.Org's 2011's letter to the FTC directly discussions "industry standard" unethical conduct like effectively concealing what would later be claimed to be a patent encumbrance from a standard setting organization, exactly as Nokia did in this case.
How come it's an unearned windfall and not return on investment of sorts?
Developing the technology that has become the standard takes a lot of resources; you have spent them.
Standard bodies usually compare several technologies and pick one; you have risked that your development effort would not make it into the standard, and would be a dead end.
It looks a bit like bidding for a military contract. Did General Dynamics receive unearned windfall when USAF accepted their bid for a fighter jet, and kept paying for each F-16 they ordered? Surely the price of each included a part of the R&D costs.
Building a valuable bridge that people voluntarily pay you to use is an investment.
Planting a flag next to General Dynamics driveway so that you can collect a percentage off every aircraft that goes buy is rent seeking.
If patent holders were required to specifically identify and price the technology they encumber standards with such that the standards setters can pick and choose which were worth it-- that would be a different matter, but it isn't how it works. Note that I pointed out that the specific patented technologies often have negligible or even negative benefits.
Xiph.Org's 2011's letter to the FTC directly discussions "industry standard" unethical conduct like effectively concealing what would later be claimed to be a patent encumbrance from a standard setting organization, exactly as Nokia did in this case.
https://www.xiph.org/press/2011/ftc/ftc-comments-20110614.pd...