There are already several escape sequences for doing just this. In fact the original way of drawing terminal graphics was using a 7bit escape sequence to switch to a terminal graphics font.
Personally I’d rather see in-lined vector graphics become better supported. This was available on some of the Techtonix (iirc) hardware VTs and as far as I know, the only widespread terminal emulator to support that particular mode is xterm.
Sixel graphics on the vt220 (1983) worked by defining a custom font of 10x10 px characters (9x10 in high-resolution mode), which you could then switch to for any given character.
As far as I know, there is no terminal emulator that supports this flavor if sixel graphics.
Personally I’d rather see in-lined vector graphics become better supported. This was available on some of the Techtonix (iirc) hardware VTs and as far as I know, the only widespread terminal emulator to support that particular mode is xterm.