It seems like this new PNG spec just cements what exists already, great! The best codecs are the ones that work on everything. PNG and JPEG work everywhere, reliably. Try opening a HEIC or AV1 or something on a machine that doesn't natively support it down to the OS-level, and you're in for a bad time. This stuff needs to work everywhere—in every app, in the OS shell for quick-looking at files, in APIs, on Linux, etc…
This new spec will make PNG even worse than HEIC or AV1 - you won’t know what codec is actually inside the PNG until you open it.
But this is a feature. Think about all those exploits made possible by this feature. Sincerely, the CIA, the MI-6, the FSB, the Mossad, etc.