Resolution isn't the only part to consider, the amount of detail you can store in that resolution can differ widely. With the push towards enhanced colour spaces, higher framerates, etc. there's plenty of need for better compression technology.
Besides, for a company like Netflix or Youtube, shaving 5% off the file size without a drop in quality can literally mean millions of dollars saved per year.
Looking for a job is a full time job in itself. Start looking immediately, get up early as if you were going to work and keep looking until it's time to "go home".
The release you've signed is pretty normal, nothing to really worry about (Unless they've done anything illegal, in which case you're not obliged to adhere to the release but I don't think that's the case).
Just get back on the horse. This happens to the best of us.
https://i.imgur.com/uRenwqm.png