The way linked SVGs render from within img tags is basically perfect for SVG images (which as I understand is not standardized but is largely the same across browsers). External resources and scripting are blocked while still rendering nearly all SVGs correctly. And of course, any CSS is scoped to the SVG.
If someone formalizes this as a new format, please give it a new name! tvg tiny vector graphics? savg safe vector graphics?
And keep the scope as simple as possible so it actually ships! Don’t try implementing a binary format or something.