People have been proposing similar algorithms for the last few decades. It's really become the "Free energy is being suppressed by the man!" of compression algorithms. One of the more popular is "just identify where your value is in pi!", which fails for that reason.
One problem is that in order to analyze such algorithms you really need to count your bits carefully. For instance in the pi case people sometimes think "well, I just need two numbers, the distance into pi and the length", but those "two numbers" may need arbitrarily unbounded numbers of bits to represent.
GoL has its own problem which is that if you construct a "random" state that didn't start "naturally" the odds of it being a Garden of Eden state are essentially 1. Can you even call it an "image compression" tool when it can't represent an image of any pure color at all, let alone in a compressed format?
Then, "referencing a region" of the state is basically the same as just giving the value. The nth value is just n itself.
So clearly that doesn't give you any advantage. Why would randomizing the data sequences make it any more efficient on average?
Although if you specifically choose the ordering of the sequences so that common sequences are easy to represent and uncommon sequences are hard to represent, then you basically have Huffman coding/arithmetic coding.
Note: I'm not in any way a compression expert, so while it may be obvious to you/others, it's a little interesting for me to think of compression in this way (sending parameters to a shared process, instead of sharing the raw data).
You may be wondering, why do we even do this? The answer is simple, "the image is encrypted, but everyone can see the penguin". In a less cryptic manner, encrypting blocks simply maps them from one space to another, but is a reversible operation and, as any function does, is deterministic and returns the exact same value every time. The consequence of this determinism, is that identical blocks will always produce the same value and thus, the content is still somewhat visible and in some cases it could leak information. By combining blocks together along with a PRNG, we hide the mapping by requiring that the recipient solves the first block before decrypting further data and we don't end up leaking information.
It would be an interesting experiment to implement lossless compression, but it likely wouldn't achieve high compression ratios or be nearly as efficient as a purpose built algorithm.