QOI https://qoiformat.org/ is a good example of a practically useful simple format.
It's still quite a leap to get to the best new codecs, suddenly you are in a world of head hurty math.
It's also worth noting that it is easy to beat the old formats all-round with off-the-shelf parts, both JPEG and PNG can be bested by changing the outer level of compression for something that was invented after the formats were made. For instance using LZMA or zstd as the final stage. Quite often that's enough to put them on a par with more radically different newer formats.