Wordpress: Change options-reading.php static page dropdown to custom post type

wp-change-static-homepage-cpt.php

<?php
/**
 * Change options-reading.php static page post type
 */
function add_cpt_to_static_home($output, $r, $pages) {

	if($r['name'] === 'page_on_front' && !isset($r['post_type'])) {

		$post_type = 'post'; // Set the post type

		$r['post_type'] = $post_type;
		$output = wp_dropdown_pages($r);

		if(!$output) {
			$output = sprintf(__('There is no posts in %s exists'), get_post_type_object($r['post_type'])->label);
		}

	}
	return $output;

}
add_filter( 'wp_dropdown_pages', 'add_cpt_to_static_home', 10, 3 );

/**
 * Set post type to the static homepage main query
 */
function set_cpt_to_home_main_query($query) {
	if (!is_admin() && $query->is_main_query() && 'page' === get_option( 'show_on_front' )) {

		$query_page_id = get_query_var( 'page_id' );
		$front_page_id = get_option( 'page_on_front' );

		if($query_page_id === $front_page_id) {
			$post_type = get_post_type( $front_page_id );
			$query->set( 'post_type', $post_type );
		}

	}
}
add_action( 'pre_get_posts', 'set_cpt_to_home_main_query', 10, 1 );