Essentially the goal for him was to achieve the best possible energy efficiency (CPU, bandwidth) and he came up with this idea. I'm pretty sure WebP would be much more CPU intensive.
Unfortunately I lost the link for the comparison.
For example, here is the comparison of the first image on their page (file sizes in bytes), converted to gif with 4-level:
25700 sps_close.gif
43415 sps_close.png
[EDIT] Interestingly enough, converting their image to a 7-level (1 for alpha) gif image gives you double the colors while reducing the image size by 17,715 bytes (~17.2kB)
I'm not a mathematician but...
its hosted on a raspberry pi and is front page of HN...
Amazingly enough the page seems to be updated very recently ("November 2021", which was not present back in March [1]).
[1] https://web.archive.org/web/20210305192950/https://pagepipe....
Also while AVIF supports lossless images, its lossless compression is known to be weak and can be even inferior to PNG, while the WebP lossless mode is a dedicated algorithm and almost guaranteed to be better than PNG. This is a reason why JPEG XL can be better than AVIF in the long term, where AVIF is just another intra-frame format extracted from video codecs while JPEG XL is explicitly built to support both use cases.