Seems a bit too late? And also, JPEG XL supports all the features and uses already advanced compression (finite-state entropy, like ZStandard). It offers lossy and lossless compression, animated pictures, HDR, EXIF etc. There is just no need for a PNG update, just adopt JPEG XL.
I've not tried it on images, but wouldn't zstandard be exceedingly bad at gradients? It completely fails to compress numbers that change at a fixed rate
Bzip2 does that fine, not sure why https://chaos.social/@luc/114531687791022934 The two variables (inner and outer loop) could be two color channels that change at different rates. Real-world data will never be a clean i++ like it is here, but more noise surely isn't going to help the algorithm compared to this clean example