Why WebP beats PNG and JPEG for the web
WebP carries a modern block-based lossy codec, a true lossless mode, animation and an alpha channel in a single format. In practice an equivalent-quality WebP is roughly 25–35% smaller than a JPEG and 60–80% smaller than a PNG, which is why it became the default image format of the web.
Smaller images mean faster Largest Contentful Paint, which is one of the Core Web Vitals Google uses as a ranking signal — so converting is a real SEO move, not just housekeeping.