WebM is a lossy format that combines a small file size with little processing power needed for playback. It's a royalty-free alternative to H.264. For many years, Apple refused to add support. Former CEO Steve Jobs even called WebM "a mess" that was "not ready for primetime."
MacRumors points out that it's unclear why Apple is finally adding WebM support:
In 2010, Steve Jobs implied that WebM was "a mess" and "not ready for primetime." It is unclear why Apple has finally deemed WebM a format worth supporting 11 years after its launch, but it may be partially due to the fact that Apple officially backs the H.264 codec.Support for the standard popped up in the second beta version of macOS Big Sur 11.3. Presumably, this means WebM support is also coming to iOS in the near future.
WebM also has a sister project called WebP for images. Last year, Apple added support for WebP in Safari 14, so the company's approach to more niche media formats appears to be softening.