There's already a "mozpng", it's called Zopfli. There's also AdvPNG which compresses PNGs with 7-zip's deflate implementation.
And if you want much much smaller PNGs, then try http://pngquant.org or http://pngmini.com/lossypng.html
Or try ImageOptim, which bundles these and other tools with a nice GUI: http://imageoptim.com/
ImageOptim also bundles PNGOUT, which I find to have exceptional compression when compared to the others (but it is a bit slower)
See my comment about zopfli [1] for improved png compression algorithm.
(For context: libpng is a "purposefully-minimal reference implementation" that avoids features such as, e.g., Animated PNG decoding. And yet libpng is the library used by Firefox, Chrome, etc., because it's the one implementation with a big standards body behind it. Yet, if Mozilla just forked libpng, their version would instantly have way more developer-eyes on it than the source...)