It is not that uncommon (as i understand it) for standards bodies such as the IEEE to write standards around existing IP but those involved geneerally are obliged to pay for licenses and royalties on a fair and reasonable basis.

If I am not mistaken, many of the 802.XX standards had origins as some member company's IP which they agreed to license to help assure market acceptance and growth. A narrowly used technology is not going to have much value to its owner

Corrections welcomed