Why is MP4 so good?

Why is MP4 considered so good? Is it because of its versatility in being able to store video, audio, and even subtitles? Or is it due to its widespread compatibility, allowing it to be played on a multitude of devices? Perhaps it's the high compression rates that make MP4 files smaller and easier to share? Additionally, does the fact that MP4 supports various codecs contribute to its popularity? What are the specific advantages that make MP4 stand out from other file formats?