Society doesn't need a new image format. I'd wager to say not any new multimedia format. Big corporate entites do, and have churning them out at a steady pace.
Look at poor webp - a format pushed by the largest industry players - and the abysmal everyday use it gets, and the hate it generates.
Estimates are that 95% of Internet users have a browser that supports WebP and that ~25% of the top million websites serve WebP images. I wouldn't call that abysmal.
One example is Sony's SRF camera raw format.
Programs like Photoshop and Affinity have to bring their own decoders where previously none were required.
Having ask that in a slightly confrontational way, one of the reasons I started using VLC all those years ago, and still use it to this day, was having trouble with other media players that relied on OS support fail to work well (or at all) with some codecs, while VLC brought support for them, and their dog, built-in and reliable. Dragging your own format support libraries with you can be beneficial.