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.
What about it?
"Lossless WebP is typically 26% smaller than PNG, while lossy WebP can be 25-34% smaller than JPEG at equivalent quality levels"
This literally saves houndred of thousand of cost, bandwith, electricity every month on the internet. In fact, I strongly belive that this is one of the greatest contributions from Google to society just like ZSTD from Facebook.
"WebP is used by 16.7% of all websites. This means that while it's a popular image format, it's not yet the dominant format, with JPEG still holding the majority share at 73.0%, according to W3Techs. However, WebP offers significant advantages in terms of compression and file size, making it a preferred choice for many web developers. "