Sure, but then if you do it one page at a time, or one paragraph at a time, you lose ton of meaning - after all, individual paragraphs aren't independent of each other. And meaning is kind of the whole point of the exercise.

Or put another way, squashing a ton of text loses you some high-frequency information, while chunking cuts off the low-frequency parts. Ideally you'd want to retain both.

I'm not sure how I would do that after chunking.