I think this functions as a test case. For a game as simple as a chess UI, PNG would probably be fine unless you're code-golfing on the final output binary size or refusing to use common dependencies. But for some programs (e.g. large video games), preloading all your assets is very common and decoding speed can be crucial. Maybe the assets could even be left in compressed form in memory in order to reduce the system requirements? I'm not sure if this is common or not.
Side note: video game assets are often enormous in size because developers refuse to implement even very basic compression because of the supposed performance impact. Getting the decompression speed up can result in tremendous reduction in disk usage because it allows doing compression without losing performance.