The rapid development of AIGC foundation models has revolutionized the paradigm of image compression, which paves the way for the abandonment of most pixel-level transform and coding, compelling us to ask: why compress what you can generate if the AIGC foundation model is powerful enough to faithfully generate intricate structure and fine-grained details from nothing more than some compact descriptors, i.e., texts, or cues. Fortunately, recent GPT-4o image generation of OpenAI has achieved impressive cross-modality generation, editing, and design capabilities, which motivates us to answer the above question by exploring its potential in image compression fields. In this work, we investigate two typical compression paradigms: textual coding and multimodal coding (i.e., text + extremely low-resolution image), where all/most pixel-level information is generated instead of compressing via the advanced GPT-4o image generation function. The essential challenge lies in how to maintain semantic and structure consistency during the decoding process. To overcome this, we propose a structure raster-scan prompt engineering mechanism to transform the image into textual space, which is compressed as the condition of GPT-4o image generation. Extensive experiments have shown that the combination of our designed structural raster-scan prompts and GPT-4o's image generation function achieved the impressive performance compared with recent multimodal/generative image compression at ultra-low bitrate, further indicating the potential of AIGC generation in image compression fields.