T166094: Allow editors to provide default alt text on Wikimedia Commons file description pages ended up defining a monolingual Wikibase property for storing alt text on Commons, as multilingual ones are not yet supported. Conceptually, though, a multilingual one would be more correct. So, once T86517: [Story] Add a new datatype for multilingual text gets done, the data should be migrated to such a property.
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I don't think it makes sense to do this. Creating a whole new data type would be a lot of work when we already have a place to put multilingual data - terms. Commons uses the "label" field internally for captions, it could easily use the "description" field for alt text.