> If you have a non-insignificant amount of data points to track this is going to eat just a ton of memory while also being pretty slow to encode/decode.

This is a fair critique, however, for any large GeoJSON, the coordinate arrays will dominate the size. I think it's also safe to assume this data will be gzipped at rest and over the wire, which will eliminate most of the "header" metadata size you mention. As you point out, it would be much more efficient to have a binary format, and there are good examples like these, that are ~2-3x smaller in benchmarks:

https://flatgeobuf.org/ https://github.com/mapbox/geobuf

That said, I think GeoJSON should be compared against other human readable formats like KML, which has a lot of wasted space as well, while being more difficult to read/write.