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PNG is back!
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The main advantage of webp is that it has good lossy compression, which makes it great for websites that show tens or hundreds of images on a single page
I always used PNG where I would have used GIF. Other than that I use JPG still. I'm guessing webp is more on the JPG side of things than the GIF side?
It can do both, lossiness is toggleable.
If you've seen a picture on Lemmy, you've almost certainly seen a WebP. A fair bit of software – most egregiously from Microsoft – refuses to decode them still, but every major browser has supported WebP for years and since superior data efficiency compared to JPG/PNG means is already very widely used on the web. Bandwidth is not that cheap.