There is a similar tool called xxd. If you run xxd with just a file name it dumps the data in a fairly standard hex dump format:

# xxd bdata
0000000: 0001 0203 0405
......

Now if you pipe the output back to xxd with the -r option and redirect that to a new file, you can convert the hex dump back to binary:

# xxd bdata | xxd -r >bdata2
# cmp bdata bdata2
# xxd bdata2
0000000: 0001 0203 0405

V, 27 bytes

ÎdW40|D
Í üî
Ó../<C-v><C-v>x&
éiD@"

Try it online!

Note that <C-v> represents the unprintable character 0x16.

Explanation

This answer is pretty fun because it's about modifying the input into V code and then executing that code. I'll explain each command one at a time

Î                " On every line:
 dW              "   Delete a word
   40|           "   Move to the 40th column
      D          "   Delete everything after this

Í                " Remove all occurrences of
                 " A space 
  üî             " or a newline

Now the buffer looks like this:

1f8b080849202258000370696c6c6f772e74787400d3d707821810d02799c545ba9641a1994c7d60d650d53c44a38a22cd4334aa28d23c44a38a22cd4334aa28d20c00fd512d46b8050000

The command to insert a character by its hex value is

<C-v>x<hex-value>

Here is where we start transforming it into actual V code.

Ó                " Replace
 ..              "   Two characters
   /             "   with
    <C-v><C-v>x  "   the text "<C-v>x"
               & "   And the two characters we just matched

<C-v>x1fi<C-v>x8bi<C-v>x08i<C-v>x08i<C-v>x49...

But the command has to be in insert mode. So we insert an 'i' at the beginning.

éi               " Insert an 'i'
  D              " Delete this line
   @"            " And evaluate it as V code

You will have to write your own binary to hex function ...

cut -f2-8 -d' ' infile | tr -d '\n' | tr ' ' '\n' | while read l; 
do 
  echo -n    $(bin_to_hex($l)) >> outfile
  (( ++n )) 
  (( n % 60 == 0)) && echo  "" >> outfile 
done

This should output the same format as -p which can then be run through -r. If you read the man page for xxd you will read that there is no -r for -b. It says so on the excerpt that you included in your question.

Perl, 122 + 54 = 176 122 + 45 = 167

The forward script:

$/=$,;for(<>=~/.{1,16}/gs){$h="";$h.=sprintf"%*s%02x",++$m%2,"",ord for/./gs;
s/[^ -~]/./g;printf"%06x0:%-42s",$n++,$h;say}

And the reverse script:

/:(.+?)  /,print map{chr hex}$1=~/\w\w/gfor<>

(This one is interesting; there are all kinds of obscure bugs that can show up in the reverse script depending on the input, if you're not careful.)

There's no one command that I know of that will do the conversion, but it can easily be broken up into a few steps:

1. Strip addresses from hexdump output using sed
2. Convert into binary using xxd
3. Endian conversion (for example, 5a42 becomes 425a) using dd

Here's the full command:

sed 's/^[0-9]*//' hexdump | xxd -r -p | dd conv=swab of=binaryfile