HDMI is a PITA but it does simplify connections.
While there's no technical reason 1080 could not be passed via three wire component video, that would still require six channels of analog audio connection. So, that one HDMI cable replaced nine analog cables. This doesn't even take into account later developments like 7.1, HDR and other things that came after it was initially introduced.
Yes it does, and "they", more importantly, couldn`t implement HDCP(AKA as DRM control) in a Component analog 1080P video environment.
My first, ever purchased, in 2009, BR/DVD universal player was/is a Sony with HDMI, Component, S-Video, composite video outputs.
And at that time, I had my house`s 5 rooms Ethernet cable wired for Component video distribution, along with 3 other video signal types around the same time, and my Sharp flat screens reported 1080P when a BluRay disc was played in that Sony..
And I was happy with staying away from HDMI, & it`s influx changing versions, until 2 Sony corp. owned BR movies would not play on the Sony player, even though it was currently updated + wasted time e-mails with Sony`s customer service who didn`t/couldn`t/wouldn`t provide solutions to my BR movie non-playing problem.
So my B&M A/V store contact suggested I buy a OPPO BDP 103 universal player, which I did, and while that fixed my inability to play the BR`s that the Sony wouldn`t play, it required that I invest in large amounts of money to restructure/upgrade my Ethernet cable video signal distribution setup to utilize1080P HDMI ..
One of the existing passively distributed analog video signals( from the A/V rack Computer VGA) required 2 Ethernet cables, & if I wanted to add HDMI, without paying(labor expensive) for another 5 room additional Ethernet cable feed + jack plates, I had to convert/encode the laptop`s analog VGA feed from passive to digital to be able to use only one existing Ethernet cable feed using HQ(AKA expensive) headend active encoder multi output distribution, and 5 room end point active decoders back to VGA.
And then, the same similar, but pricier investment for the 1080P HDMI encode/decode active distribution to now use the now freed up existing Ethernet cable leftover from the original passive VGA video signal distribution.
Yes Skipper, I have some knowledge/experience with HDMI/HDCP handshake, both positive, & negative for over 10 yrs, and my B&M A/V store`s owner advised me that HDMI/HDCP issues have cost his, and any other A/V seller/installer untold amounts of lost money dealing with "warranty service" call issues caused by HDMI/HDCP at customer`s homes, that didn`t exist in the Component Video signal BluRay player environment prior.
And he was the person who advised me what his version^^^ of HDMI should stand for, over a decade ago, after I told him mine !!