What do you mean by "waste of the spec"?
A PNG would have been better, but a PNG is not programmable, so I lamented the SVG spec not having a programmable bitmap, since lots of people use it for plotting data.
There are also specialist tools for dealing with web raster layers, like in GIS: https://openlayers.org/en/latest/examples/raster.html
This just shouldn't be a job for SVG, IMO.