Very similar situation with favicon, now only .ico form is available
But it is already very common to use a combination of several formats + webmanifest in order for the favicon to adapt to different devices and platforms.
For example, a service that generates a universal favicon
Combination of different png ico svg
realfavicongenerator.net/
After generation, they offer this code:
<link rel="apple-touch-icon" sizes="180x180" href="/apple-touch-icon.png">
<link rel="icon" type="image/png" sizes="32x32" href="/favicon-32x32.png">
<link rel="icon" type="image/png" sizes="16x16" href="/favicon-16x16.png">
<link rel="manifest" href="/site.webmanifest">
<link rel="mask-icon" href="/safari-pinned-tab.svg" color="#5bbad5">
<meta name="msapplication-TileColor" content="#da532c">
<meta name="theme-color" content="#ffffff">
also the file with icons and site.webmanifest
One of the clients faced the problem that the favicon was not loaded at all on the iphone when you bookmarked the site on the main page browser.
It is possible to use a large number of different images will be redundant and you can make a compromise, but one ico is not enough today