I mean, WebP is _okay_ but it leaves a lot to be desired, even when it comes to image quality compared to the old 1992 JPEG standard; coupled with mozjpeg making giant leaps to get old-school JPEG file sizes drastically smaller without costing quality, the original file size advantage WebP pitched is not as large of a selling point.
WebP's best quality is that in lossless mode, it usually results in smaller files than PNGs, but given that it was primarily focused at being a lossy format to replace JPEG, with a 16383×16383 size limit[1], color space fixed at YUV 4:2:0 only[2], marginal space savings, no progressive decoding, it comes up short in a number of scenarios. There's also the breadth of legacy JPEG-encoded files without a good transition story to WebP, especially due to most JPEGs in the world not being of YUV 4:2:0 format.
I sound like I'm hating WebP here and I'm not trying to, but my own personal uses for WebP have been squarely in the lossless mode side with a JPEG-encoded thumbnail to accompany it. WebP's primary selling point were file size benefits, but then mozjpeg really not just improved JPEG 1992, but made it a compelling choice to use instead of WebP.
JPEG XL really stands to be the best of everything. No fixed colorspace model, no image size limits, smaller lossy and lossless files than previous formats, progressive decoding, etc. It's a solid win for JPEG XL, especially if browsers start adopting it for production.
[1] Size limit applies to lossy and lossless mode both.
[2] Lossless mode's color space is fixed at 32-bit BGRA only. Same issue, different spec.