which is very expensive to do and takes a lot of work
Which suggests that tx author has mining infrastructure that was used to produce this? I am unclear if sha-256 ASICs are the right tool for this particular type of hashing?
Are there many other examples of vanity hashes out there, or is this something new?
Vanity hashes are hardly anything new, 0xB10C has done a similar one (see https://b10c.me/7). I don't have any mining infrastructure, and I don't think you could even use it for vanity hashes. However, 5 custom bytes isn't that expensive, it took me around a month on a relatively recent CPU.
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