Is your feature request related to a problem? Please describe.
The image widget, and media library currently does not support compressing images and working with a proper srcset with multiple formats.

Describe the solution you'd like
Google has created a web app that resizes, compress and encode images in various formats for the web, it has now landed a CLI and API making possible to embed into any web app.
I'd love to see it implemented on the Image widget, it could be used to create from a single uploaded image multiple sizes, quality and formats, like Avif and webp. It would make using srcset a breeze!

Describe alternatives you've considered
I've not found any alternatives to Squoosh yet, and Squoosh is very well maintened by google.