I’m actually surprised there wasn’t similar wireless headphones previously that were just pure analog FM radio. Seems very doable with older technology, save battery size/weight.
Those exist and have the major advantage of zero audio latency which is good for interoperability (think a TV headphone port).
The disadvantage (in my cheap ones at least) is poorer sound quality, especially the amount of background hiss, short range and susceptibility to interference (no error correction).