Lossy image coding is the art of computing that is principally bounded by the image's rate-distortion function. This bound, though never accurately characterized, has been approached practically via deep learning technologies in recent years. Indeed, learned image coding schemes allow direct optimization of the joint rate-distortion cost, thereby outperforming the handcrafted image coding schemes by a large margin. Still, it is observed that there is room for further improvement in the rate-distortion performance of learned image coding. In this article, we identify the gap between the ideal rate-distortion function forecasted by Shannon's information theory and the empirical rate-distortion function achieved by the state-of-the-art learned image coding schemes, revealing that the gap is incurred by five different effects: modeling effect, approximation effect, amortization effect, digitization effect, and asymptotic effect. We design simulations and experiments to quantitively evaluate the last three effects, which demonstrates the high potential of future lossy image coding technologies.