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Why bother when we have PNG?

Totally different algorithm for different purposes. PNG is lossless encoding, doesn't work well for photographs or complex images.

PNG works really fine for no HDR photos if you not are worry about the size.

And BMP, TIFF, DPX, EXR etc all work really fine if you are not worried about the size.

But being worried about the size is the whole point of image compression.