This is a comment of @CuriousCat, but I think it deserves the attention of an actual question:
The sensor used in the original question outputs a serial PWM-style signal like this:
What's the advantage for a sensor to encode its output in this way rather than the more conventional 4 to 20 mA (I'm used to seeing process sensors use this all the time) converted to digital at the receiving end?
Is this more accurate?
Alternatively why not go HART / PROFIBUS etc. ?
Follow-up questions moved to separate question: Are there standards for digital sensor links?