If I remember correctly, it is very popular in video games because it is faster to load compressed assets from disk and decompress them in memory than loading the uncompressed assets from disk, even on an SSD.
I was thinking of using LZ4, but it doesn't really work that great on floating point, and images are already compressed (png, jpg, and even BCn, can't be compressed much further). So idk. Good thing about lz4 is that it's very simple[0] and probably faster then memcpy().