Refactor Index Codecs to expose algorithm names as index codec types

[sarthakaggarwal97]

Is your feature request related to a problem? Please describe.
This feature would involve refactoring the index codecs like default and best_compression to reflect the underlying algorithm that used for compression/decompression.
With the addition of new ZStandard codecs, it would provide users with the clear choices based on their use case.
Also, if we would get the flexibility to select any codec as an actual default.

Describe the solution you'd like
Refactor the current default codec -> lz4 and the best_compression codec -> zlib to reflect the actual compression algorithms being used.