To enable uploading SVG, WebP, and ICO (favicon) files on your WordPress website, you can simply use a plugin named “Enable SVG, WebP & ICO upload”. This is a very light plugin with no configuration required. All you have to do is install and activate the plugin – and your WordPress website will start to accept all of these Medias.
SVG files offer better quality images compared to png or JPG at a lower size and it as well has editing capabilities, WebP is commonly recommended to resolve the issues as indicated by GooglePage Insights, GTmetrix, and other website speed sites, and ICO files are used mainly for uploading favicon. Just by using a simple single plugin, your WordPress website can easily accept all these Medias. And if you use these optimized images, it will also contribute to your website’s speed as the image sizes will be smaller compared to a typical JPG or PNG.