Why would you want an image-manipulation feature in a text editor (unless you were a developer who thought that it'd be a fun thing to work on)? That sounds like bloat of the worst kind...
Emacs is more of a Lisp interpreter with a text editor front-end interface. That said, being able to work with images can be useful. For example, while documenting the workflow of a GUI application it can be useful to open some screenshots and highlight relevant sections.
While it is true that dedicated applications are usually more capable and convenient for specialised tasks, having tools integrated together like in Emacs also has its strengths (e.g. it can allow for heavy scripting of a workflow).