BIMI Logos have strict requirements to pass validation and must be using the SVG Tiny/Portable Secure 1.2 format (SVG P/S). If your image does not pass validaition, it will not be shown.
Note: It's unlikely you could ever achieve compliance by converting a non-vector based image format. Converting a non-vector based image type (jpg, png, etc) creates an <image> tag in the SVG file that will cause failure as it does not adhere to the correct format.