for many kinds of compression we kinda just did most of the obvious stuff really quickly and most practical data compression uses require a balance between speed and ratio, so spending disproportionately more effort on tiny ratio bumps just doesn't make sense.
it's why modern algorithms like zstandard got popular quickly despite not even compressing as much as older formats, what makes zstandard so popular is because it has /good-enough/ ratios, meaning about as well as gzip, while being /way/ faster than gzip.
it's like do you use zpaq and make the file 10% smaller but take 1000x more time to do it? probably not.
there is a theoretical maximum any file can be compressed to as well, so it's not a case of "not knowing what you don't know", either. actually reaching that maximum with any reasonable amount of time and complexity for any file is difficult. getting close enough faster is what most algorithms aim for since they have the most practical use