Why there is no compress button
Apple's position is that you should not have to think about file size — iCloud Photos handles storage, and sharing goes through mechanisms that make their own decisions. That works until something demands a file under 100 KB, at which point the Photos app offers you nothing.
This is not a gap you can close with a setting. Either you use a route that happens to expose size, such as Mail, or you build one with Shortcuts, or you use a tool.