QUOTE: “I think that’s always an option. Yeah. That’s something that–I’ve seen sites do that across the board,not specifically for blogs, but for content in general, where they would regularly go through all of their content and see, well, this content doesn’t get any clicks, or everyone who goes there kind of runs off screaming.” John Mueller, Google
Another reason is that if you're using an image as a link, the alt text for that image will be treated similarly to the anchor text of a text link. However, we don't recommend using too many images for links in your site's navigation when text links could serve the same purpose. Lastly, optimizing your image filenames and alt text makes it easier for image search projects like Google Image Search to better understand your images.
QUOTE: “So it’s not something where we’d say, if your website was previously affected, then it will always be affected. Or if it wasn’t previously affected, it will never be affected.… sometimes we do change the criteria…. category pages…. (I) wouldn’t see that as something where Panda would say, this looks bad.… Ask them the questions from the Panda blog post….. usability, you need to work on.“ John Mueller, Google.