Magnetic disk storage became cheaper, and interactive terminals became affordable. This tells us that prgramming languages are there to make code writing more efficient and maintainable.
Different programming languages are better suited for different purposes.
Python is known for being slower than other languages like 'c' because it is an interpreted language. For that reason python is, for instance, not well-suited for competative programming.
New higher level languages seem to build on top of a lower level language. So, to build a new language, we might need to determine what language we will use to build on top of. To determine that, the purpose of that new language should be defined.