If compression would be a requirement for 32 bits, then it was definitely a requirement for 8-bit text 25 years ago when memory and bandwidth were typically 1/1

If compression would be a requirement for 32 bits, then it was definitely a requirement for 8-bit text 25 years ago when memory and bandwidth were typically 1/1000th of today. Of course it often wasn't, and isn't. And where it is, it's still a requirement with UTF-8.