I have literally never heard of someone claiming zstd was the best overall general purpose compression. Where are you getting this?
You must be living in a different bubble than me then, because I see zstd used everywhere, from my Linux package manager, my Linux kernel boot image, to my browser getting served zstd content-encoding by default, to large dataset compression (100GB+).. everything basically. On the other hand it's been a long time since I've seen bz2 anywhere, I guess because of it's terrible decompression speed - it decompresses slower than an average internet connection, making it the bottleneck and a bad idea for anything sent (multiple times) over the internet.
That might also be why I rarely see it included in compression benchmarks.
I stand corrected on the compression ratio vs compression speed, I was probably thinking of decompression speed as you said, which zstd optimizes heavily for and which I do think is more important for most use cases. Also, try -22 --ultra as well as --long=31 (for data > 128MB). I was making an assumption in my previous comment based on comparisons I do often but I guess I never use bz2.
Random sources showing zstd performance on different datasets
https://linuxreviews.org/Comparison_of_Compression_Algorithms
https://www.redpill-linpro.com/techblog/2024/12/18/compression-tool-test.html
https://insanity.industries/post/pareto-optimal-compression/