Because of your comment, I did a quick google search and pretty much every source says that .tar.gz is also pretty ancient and not that good (from a compression point of view). For better compression, you can use the xz or 7zip formats. The former is more used on Linux, if that’s what you’re using.
I do NOT understand how zip is still the default. I use .tgz wherever I can.
Compatibility with literally anything under the sun that can decompress a compressed file.
Because of your comment, I did a quick google search and pretty much every source says that .tar.gz is also pretty ancient and not that good (from a compression point of view). For better compression, you can use the xz or 7zip formats. The former is more used on Linux, if that’s what you’re using.