What's the deal with WEBP in Sheets?

WEBP, a file format developed and promoted by Google, still has effectively no support in Google Sheets in 2026. You can insert a WEBP image uploaded to Google Drive, but it just converts it to PNG first. Over 99% of tracked browsers in use support the format according to caniuse. Why hasn't Google added support for it in Sheets (and the other Drive products) yet? Is there a bug tracker issue for it?