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?
That's not how it works.
The server declares what versions of media it has, and the client requests a supported media format. The same trick have been used for audio and video for ages too.
Example:
<picture>
<source srcset="a.webp" type="image/webp">
<img src="fallback.jpg">
</picture>Images are often at different resolutions too, that way, depending on the pixel density of the device, and the physical size, the browser can select the photo that has high enough resolution, but not one that is needlessly large, while also selecting the preferred image format.