This worries me. Because presumably, changing the compression algorithm will break backwards compatibility, which means we'll start to see "png" files that aren't actually png files.
It'll be like USB-C but for images.
The PNG format is specifically designed to allow software to read the parts they can understand and to leave the parts they cannot. Having an extensible format and electing never to extend it seems pointless.
If you've created an extensible file format, but you never need to extend it, you've done everything right, I'd say.
That's what I would call really extensible, but then there may be no limits and hacking/viruses could have easily a field day.
Will sooner or later be used to implement RCEs. Even if you could do a restriction as is done for eBPF, that code still has to execute.
Best would be not to extend it.