Would you? Video compression is one of the few things that we will work on for the next 1000 years and still be nowhere near finished. The best video compression would be to know the state of the universe at the big bang, have a timestamp of the beginning and end of your clip and spatial coordinates defining your viewport. Then some futuristic quantum computer would just simulate the content of your clip...
So yeah, sure we are done with video compression :). This is of course an extreme example of constant time compression that may or may not be ever feasible (if we live in a computer simulation of an alien race, then it is already happening).
But the gist is the same. Video compression is mostly about inferring the world and computing movement not by storing the content of the image.
For instance by taking a snapshot of the world, decomposing it into geometric shapes (pretty much the opposite of 3D rendering) and then computing the next frames by morphing these shapes + some diff data that snaps these approximations back in line with the actual data.
We are all but in the very infancy of video compression. What should surprise you is why it takes us so long to get anywhere.