What an HEIC file actually is
HEIC is a HEIF container holding HEVC-compressed stills. It stores roughly the same visible quality as JPEG in about half the space, and it can hold extras a JPEG cannot: depth maps, edit history, and the paired frames behind Live Photos.
Every iPhone since iOS 11 in 2017 shoots HEIC by default. Files reach other people through AirDrop, direct copies off the device, or an iCloud download that skips Apple's automatic conversion — which is why the problem usually appears at the moment of sharing.
What you get from WebP
WebP output uses lossy compression with a quality control, but unlike JPEG it can keep an alpha channel at the same time — one format for photographs and for graphics with transparency.
Every current browser reads WebP; Safari joined in version 14 in 2020, which was the last real holdout. Desktop applications are patchier, so it is a format to publish in rather than to archive in.
What changes when you convert HEIC to WebP
Both formats are lossy, so this is a re-encode rather than a copy: the HEIC is decoded to pixels and those pixels are compressed again as WebP. Detail the original already discarded cannot come back, and the second pass removes a little more. One generation at a sensible quality is not something you will notice, and WebP's efficiency means the result usually lands close to or below the original's size — a rare case where re-encoding does not cost you space.
There is no transparency to preserve — HEIC files do not carry an alpha channel, so every pixel is opaque to begin with. Converting to a format that supports transparency does not create any; it only means you could add it later in an editor.
Going from HEIC to WebP keeps you in modern-codec territory rather than falling back to JPEG, so file sizes stay closer to what the iPhone produced. The trade is where the result can be used: HEIC fails almost everywhere outside Apple, and WebP succeeds almost everywhere inside a browser — but neither is a safe bet for someone else's desktop software, which is what JPG is for.