Seems like it has been around for ever.
Was there a port scanner before nmap?
These tools are fine for personal use - but not easily adapted to corporate use e.g. PCI DSS. Mandatory requirements for PCI DSS include key management under dual control and split knowledge.
As such, commercial tools still rule in the storage encryption space.
And I'm no programmer, so I can't resolve these shortcomings.
Any given program will expand to fill available memory.