It's not really the same. True, MIDI won't work for say, iTunes, because it doesn't capture a lot of the information needed to recreate the audio of your average song. But for certain types of video, you can capture everything you need to recreate it faithfully with a vector format, at much higher compression rates. I think a better analogy is SVG -- which is not as popular as raster formats in the web, but it certainly has its place.

(As an aside, MIDI is a useful format in its own right, and is still alive and well in the music-making world, even if from a technical perspective it's sort of outdated in 2020.)