Sadly the Snapdragon is woefully underspecced in it's video decode capability - tops out at 4K which is less than ideal - 5K HEVC are already popular and a noticeable improvement for VR video.
I don't think it's all that popular yet, most 360 content I see is 4K and anything better than that is fairly rare. I do agree it's needed but especially for mobile VR storage requirements are also an issue that keeps people from releasing at better quality.
Sadly the Snapdragon is woefully underspecced in it's video decode capability - tops out at 4K which is less than ideal - 5K HEVC are already popular and a noticeable improvement for VR video.