We've had image support in terms possible for years. I don't think that's what's needed to make a nice command line math program.

Instead, we need term programs that can handle type ligatures better. Being able to use something like FF Chartwell in a terminal would be amazing .. and would lead the way to having properly formatted mathematical notation in the terminal, without requiring a new standard to implement. Ligatures are already a thing - they just need to be better supported by the term apps.