The TinyML niche, doing ML on microcontroller grade hardware (usually for sensor data analysis), is close in terms of constraints. Models measuring in kilobytes of RAM/FLASH.
But usually missing the flair and showmanship of demoscene, and the just-because-we-can attitude. So I agree, need more demoscene style!
As the maintainer of an open source library in this space (emlearn), I would be interested in contributing to such an effort.