Thank-you, I requested this from support and received this response:
We have a known report where WebP is not enabled in the gd php module.
Our developers and specialist are working on a fix, unfortunately, we
don’t have an estimated time of solution. Since you are on a shared
server, you won’t be able to run “sudo apt-get install webp” as it will
require root/sudo access which is not available on this shared server.
Now, we won’t be able to run this command as it is already being worked
on by our developers and doing so right now might affect other customers
that are on this same shared server.
So looks like something they are fixing and should be working again at some point.