XML is a really bad format for containing large chunks of binary data (bitmap)
<svg viewBox="## ## ## ##">
<image xlink:href="layer1.png" x="##" y="##" width="##" height="##"/>
<image xlink:href="layer2.jpg" x="##" y="##" width="##" height="##"/>
<rect x="##" y="##" width="##" height="##" fill="red"/>
</svg>
All that's left is to standardize a way to package it. <!--...-->
</points>heh
So you could possibly argue that XML (a la SVG) is the right format to represent the vector files within that container, but it wouldn't be appropriate for the container file itself since binary data really bloats XML.