This technique has been around since prior to 2008 at least, the biog entry below introduced the code[1], along with providing a tool to compress your js into an image using ruby [2].
The technique has a legitimate use as a suave compression method and was termed "super packing" in 2011 [3]
[1]http://blog.nihilogic.dk/2008/08/imageinfo-reading-image-met...