This is an idea I’ve been toying with for a bit. There is a ton of media that includes unimportant information that doesn’t need to be stored pixel perfect. Storing large portions of the image data as text will save substantial amounts of storage, and as the reality of on-device image generation becoming commonplace sets in digital memories will become the main way people capture the world around them. I think this will inevitably be the next form of media capture (photography and video), not replacing other methods/ formats, but I could see things like phone cameras having saving images as digital memories set to default to save on storage.
It could be an interesting idea, but would be terrible to implement for anything where accuracy mattered.
Generally when you're doing video or image editing, you don't want the image to change after you're done saving it. That would be a loss of hundreds of hours of work in some cases. And if you're working on something where, small details matter, those might get lost in translation.