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.
In what other industry would it be considered acceptable to exclude 5% of visitors/users/clients?
Rational, or economical? I find it rational to help someone in need since I'd want others to do the same to me, even if it's not financially profitable for me. Imo more factors flow into what's rational, but I understand what you mean by corporate greed working this way (less than 10% of people are blind, neither male nor female, run a free operating system or can't afford a new computer, etc., so yep they're not profitable groups and for-profits don't optimise for that)
If a corporation has determined that profit maximization is their core tenet, excluding the needs of a minority of users can likely be deduced in a rational manner from that tenet. That is precisely why values need to be forced onto corporate actors through regulation, e.g. in this case through mandatory accessibility guidelines like EU directive 2019/882 that enters into force this very week.