You are probably doing it without noticing. JPEG is a compression standard. you can take a png and turn it into a jpeg only half its size if your lucky. And in case you like simple line art, SVGs have even smaller filesizes.
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Use JPEG XL if you really have to, it's modern and good.
I mean we already do.
Digital images have used compression since forever.
The usual formats are all about compression choices. Jpg, png, tiff, webp, etc
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