Sure, it isn't technically as neat, but it gives far more flexibility. It happens already in memes (where text is usually part of a gif)
Text and text encoding dates back from the days when every byte of storage space mattered. Now lossless high resolution images are the norm, and wouldn't constrain what symbols could be included. If you want to make a word be slightly bendy for style, you can!
Accessibility, relayout, etc. can all be done with images too - you simply have a tool which extracts the text, transforms it however you please, and then puts it back as an image.