Swissup_Wsrv — is a Magento image optimization module that uses free wsrv.nl service to resize and convert images to webp format.

composer require swissup/module-wsrv
bin/magento module:enable Swissup_Wsrv
Important
Since wsrv.nl will serve your images, your site must
be accessible for the service.
Eg. no .htaccess
restrictions, no locally served domains or IP addresses.
The module replaces all image links with the links to wsrv.nl:
<!-- Before -->
<img src="https://breeze.swissupdemo.com/media/catalog/product/w/s/wsh12-green_main_1.jpg?width=325&height=325"/>
<!-- After -->
<img src="//wsrv.nl?url=breeze.swissupdemo.com/media/catalog/product/w/s/wsh12-green_main_1.jpg&w=325&h=325&output=webp&fit=contain&cbg=fff"/>
That's all. The rest of the job is handled by wsrv.nl.