WebP is already deprecated from a compression ratio standpoint - it's entirely surpassed by all of AVIF, HEIF, and JXL. Too bad that none of these has broad support (and the best of them, JXL, is being blocked by all browser makers).
WebM on the other hand still has a reason to exist unfortunately: patents on H.264.
JXL is supported in Safari, and Mozilla just put out a post saying they'll add support if someone will write a Rust decoder, and (bizarrely) Google has agreed to supply one.
So there is a small chance Google will reverse the removal from Chrome.
WebM on the other hand still has a reason to exist unfortunately: patents on H.264.