Those are some very interesting comments!
I'd be interested (and this is purely "academic" curiousity) IF there was:
Something mathematical -- which would underly all image compression algorithms; that is, if all image compression algorithms could be shown ("proven" I guess -- I am not a professional Mathematician, only armchair, so bear with me!) to belong to a specific class of generalized compression algorithms or (ideally!) a single "parent" (for lack of a better word) image compression algorithm -- that would give rise to all other image compression algorithms, no matter how diverse or not mathematically related they would all seem...
The use of Matrices (which model systems of linear equations, which in turn, enumerate/list/make clear/table -- relationships between factors in those equations) -- would seems to be a good starting point for this Mathematical inquiry, should it be made...
Maybe I should phrase this a little bit better...
Maybe it's something like (as a future goal for the Mathematicians of the world), "for every image compression algorithm X, show/prove that X is related to <parent Mathematical principle involving matrices>"...
Or something like that...
Sort of like a grand unifying theory of image compression...
Anyway, your comments are highly interesting.
It seems like you might be part of the way there for something like a rigorously mathematically unified (and proven!) future understanding of image compression!