If you really think about it a ton of things are way too cheap so in a lot of scenarios it's way cheaper to buy something new compared to repairing something old.
Think of a nail for example, from digging up some rocks that contain a bit more iron than other rocks, process them through many stages many of us (including me) have no idea, just to ship them around the planet. But if you have a bent or really messed up nail, everybody would just throw that refined material away because it's cheaper than a cent.
It's not just like jpeg with extra channels. It's technically far superior, supports loss less compression, and the way the decompression works would make thumbnails obsolete. It can even recompress already existing JPEGs even smaller without additional generation loss. It's hard to describe what a major step this format would be without getting very technical. A lot of operating systems and software already support it, but the Google chrome team is practically preventing widespread adoption because of company politics.
https://issues.chromium.org/issues/40168998