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There is no simple or easy way that I am aware of to convert a whole string into Data Components like what could be done with NBT Data. So I have decided to keep the same format and manually convert some NBT Data structures into matching Component Types. You must still use 1.20.4 or lower systems when writing your Item Data, you can use https://mcstacker.net/1.20.3.php for better help with this. However the way it is setup should still support any newer version data like enchantments or attributes if the NBT is structured correctly
Currently the conversion should work on:
More options will be added in future but these basic ones should cover most cases

Very customizable Loot Bags for the best Loot Goblins, Server-side compatible