What is installed is copyrighted specifically by Google. It does NOT have an open source license. This component version is v0.001 from 2010. There is nothing new here, despite it being listed at new as of today at MacUpdate.
This QuickTime component requires that you separately install the XiphQT component for audio functionality.
The background: There has been a lot of controversy regarding WebM. In 2010, Google threatened to remove considerable support for H.264 from Chrome while instead supporting their WebM technology. H.264 is specifically part of the HTML5 specification. WebM is not. WebM is, as I pointed out above, NOT actually an open source project, despite hype to the contrary. Therefore, a great deal of argument arose in the computer community regarding the point of WebM and Google's attempt to foist it on the world while denigrating H.264. Eventually, Google backed down and never withdrew H.264 support in Chrome.
These days, WebM continues on as an alternative codec for web programming. Since 2010, Google has not advanced the QuickTime component any further. The component is 1 MB in size, not taking up a lot of space or RAM. Whether you think it's useful is up to you. I've never needed it, but I have it installed.