It's not about space reduction, it's about handling the small file problem. HDFS can handle up to 500M files without issue but the amount of RAM needed to store the files' metadata starts to go beyond what you'd typically find in a single server these days.
When you store multiple images and/or videos inside of a single PQ file, you'll end up keeping fewer files on your server.
I believe Uber store JPEG data in PQ files and Spotify store audio files in PQ or a similar format on their backend.