Convert Image as webp format in AEM as Cloud Service

AEM has this feature called smart imaging, that can convert to your requested image format.
read more on this here: https://experienceleague.adobe.com/docs/experience-manager-64/assets/dynamic/imaging-faq.html?lang=en 

you can also write a service to do these conversions (which I wouldn't recommend unless there's no other way.) -> https://products.groupdocs.com/conversion/java/jpg-to-webp/.

To use Smart Imaging, your company’s Dynamic Media Classic or Dynamic Media on Experience Manager account must meet the following requirements:

• Use the Adobe-bundled CDN (Content Delivery Network) as part of your license.
• Use a dedicated domain (for example, images.company.com or mycompany.scene7.com), not a generic domain (for example, s7d1.scene7.com, s7d2.scene7.com, or s7d13.scene7.com).