What is HEIC?
HEIC is what an iPhone saves photos as, and it is not really an image format so much as a container holding HEVC video frames - the same codec used for film, applied to one still picture. It stores a photo at roughly half the size of the equivalent JPEG, which is why Apple switched to it, and it is also why so little else opens it: HEVC is patent-licensed, so most browsers and a good deal of desktop software cannot read a HEIC at all. Large photos are usually stored cut into tiles that have to be reassembled, not as one picture.
What is WEBP?
WebP is Google's image format for the web, and the rare one that does both jobs: lossy compression that beats JPEG at the same quality, lossless compression that beats PNG, and an alpha channel either way. Every current browser reads it; older software often still does not.