It would be great to have the ability to embed SVG image types using the rich content editor for content pages, assignment instructions, quiz questions, etc. Since SVGs are vector-based they perform nicely on mobile and web-browsers, without having to worry about images becoming pixelated. They are also potentially more accessible, as virtually any element within an SVG image can be given alt text via title and aria attributes. Plus, they are generally smaller and faster when it comes to webpage load times. 

This idea has been developed and deployed to Canvas

For more information, please read through the Canvas Deploy Notes (2020-07-01)