Could it be a lack of resources? Or some missing expertise? Maybe they could find some interns who are familiar with it? Maybe the entire world is so obsessed w AI, we don't even care about image formats anymore.
Honestly this kind of stuff happens all the time in large companies.
Interns won't want to work on a dead end like this. Moreso they need to be supervised by someone that doesn't want to get removed by being the lowest X% usefulness in a company. So all these existing tools that aren't primary revenue generators just sit on coast mode.