JPEG "can't" do depth maps either, and yet it manages to do them just fine.
"Portrait mode" on Android is simply JPEG + greyscale JPEG embedded in metadata.
If anyone really wanted transparency, it is very easy to add it to JPEG.
That said, in practice, transparency is not needed in non-vector / non-generated graphics formats. The nature doesn't really have an alpha channel, photographs certainly do not.
Transparency is extra information, and can be passed along as such.