Yes, good compression can be achieved without deep understanding. But a compressor with deep understanding will ultimately achieve better compression. For example, you can get good text compression results with a simple bigram or trigram model, but eventually a sophisticated grammar-based model will outperform the Ngram approach.
Some of you may already have seen this story, since it's several days old, but MIT Technology Review seems to have the best explanation of what happened: Why and How Baidu Cheated an Artificial Intelligence Test
(In case you didn't know, Baidu is the largest search engine in China, with a market cap of $72B, compared to Google's $370B.)
The problem I see here is that the mainstream AI / machine learning community measures progress mainly by this kind of contest. Researchers are incentivized to use whatever method they can find or invent to gain a few tenths of a percent in some contest, which allows them to claim progress at an AI task and publish a paper. Even as the AI safety / control / Friendliness field gets more attention and funding, it seems easy to foresee a future where mainstream AI researchers continue to ignore such work because it does not contribute to the tenths of a percent that they are seeking but instead can only hinder their efforts. What can be done to change this?