There's an even earlier version of that script, used by the Zapotecs already back in ~500 BCE. And it's probably not even the first.
And much like you see with the other families of scripts elsewhere, over time you see a lot of developments. The video mentions it around 8:00 - the Mixtec culture used the script as almost pure logographic, and the exceptions followed the rebus principle*; in the meantime the Nahuatl-speaking Mexica and the Mayas were using them also for sound sequences.
*Rebus principle is to represent words by logographs for other similar-sounding words. In English for example this would be like representing "I" and "be" with an eye and a bee.