All public IP addresses created before the introduction of SKUs are Basic SKU public IP addresses.
You cannot change the SKU after the public IP address is created. A standalone virtual machine, virtual machines within an availability set, or virtual machine scale sets can use Basic or Standard SKUs. Mixing SKUs between virtual machines within availability sets or scale sets or standalone VMs is not allowed. Basic SKU: If you are creating a public IP address in a region that supports availability zones, the Availability zone setting is set to None by default. Basic Public IPs do not support Availability zones. Standard SKU: A Standard SKU public IP can be associated to a virtual machine or a load balancer front end. If you're creating a public IP address in a region that supports availability zones, the Availability zone setting is set to Zone-redundant by default. For more information about availability zones, see the Availability zone setting.
The standard SKU is required if you associate the address to a Standard load balancer. To learn more about standard load balancers, see Azure load balancer standard SKU. When you assign a standard SKU public IP address to a virtual machine's network interface, you must explicitly allow the intended traffic with a network security group. Communication with the resource fails until you create and associate a network security group and explicitly allow the desired traffic.
(I don't see a way to adjust the default allocation — the first part of your question — though I suspect default Basic SKU allocations will soon stop.)
For the differences see the SKU section from https://docs.microsoft.com/en-us/azure/virtual-network/ip-services/public-ip-addresses and https://docs.microsoft.com/en-us/azure/virtual-network/ip-services/virtual-network-public-ip-address
Since this question was posted, Microsoft has deprecated the Basic SKU for public IPs.
You now are able to upgrade from Basic to Standard IPs: https://learn.microsoft.com/en-us/azure/virtual-network/ip-services/public-ip-basic-upgrade-guidance
And existing customers are being notified to upgrade before September 30, 2025: e.g. see this Azure Customer Update Notification Email
(I don't see a way to adjust the default allocation — the first part of your question — though I suspect default Basic SKU allocations will soon stop.)