> Chroma subsampling isn't going anywhere. You'll usually get subjectively better quality with 4:2:0 chroma compared to 4:4:4 at the same bitrate. And this means you can't have everything in RGB, so all the colorspace conversion complexity can't be ignored.
What's more, YCbCr is more efficiently compressed than RGB even if you don't subsample, for the same reason that a DCT saves bits even if you don't quantize: Linearly dependent or redundant information is moved into fewer components, in this case most of the information moves into the Y channel with the Cb and Cr both being very flat in comparison. (Just look at a typical YCbCr image reinterpreted as grayscale to see what I meant)
What's more, YCbCr is more efficiently compressed than RGB even if you don't subsample, for the same reason that a DCT saves bits even if you don't quantize: Linearly dependent or redundant information is moved into fewer components, in this case most of the information moves into the Y channel with the Cb and Cr both being very flat in comparison. (Just look at a typical YCbCr image reinterpreted as grayscale to see what I meant)