bzip2 is slow, doesn't support multithreading and generally is inefficient compared to lzma/zstd. No good reason to use it. `man make.conf` suggests that BINPKG_COMPRESS governs this and defaults to zstd, yet on my system with latest portage and no BINPKG_COMPRESS instances in /etc, bzip2 is used for some strange reason.
You probably just need to set BINPKG_COMPRESS=zstd, since for existing installs it defaults to bzip2 for backward compatibility.