This is an idea I’ve been toying with for a bit. There is a ton of media that includes unimportant information that doesn’t need to be stored pixel perfect. Storing large portions of the image data as text will save substantial amounts of storage, and as the reality of on-device image generation becoming commonplace sets in digital memories will become the main way people capture the world around them. I think this will inevitably be the next form of media capture (photography and video), not replacing other methods/ formats, but I could see things like phone cameras having saving images as digital memories set to default to save on storage.
What you think of as important may change over time, as well - with the solution as written, you'd need to decide what the "subject" is at compress time, but what if you later realise that's the last ever photo of grandma, or the AI decides that you were wearing different shoes than you actually were. Worst case, you need to rely on some detail in a photo later, like to absolve you of a crime.