> these days, generating or decoding PNGs is the bottleneck almost nowhere
Anecdotal, but I'm familiar with a system which spends ~50% of CPU cycles on PNG encoding (most of which is actually spent in zlib compression).
The other approaches I've seen involve creating performance-focused forks of zlib (e.g. zlib-chromium and zlib-cloudflare). This has benefits beyond PNG encode / decode:
https://aws.amazon.com/blogs/opensource/improving-zlib-cloud...