Programmatically set paragraph field config value, based on configuration settings

How to programmatically set a paragraph field config value.

   /**
    * AttachField function implementation.
    */
    public static function attachField($bundle, $flag) {
      // Field field_gc_coordinates is already created at module install.
      // Now attach this field to the bundle as per the configuration settings.
      $field = FieldConfig::loadByName('node', $bundle, 'field_gc_coordinates');
      // Default field setting form for paragraph.
      $field_settings = [
        'type' => 'entity_reference_paragraphs',
        'weight' => '4',
        'settings' => [
          'title' => 'Paragraph',
          'title_plural' => 'Paragraphs',
          'edit_mode' => 'open',
          'add_mode' => 'dropdown',
          'form_display_mode' => 'default',
          'default_paragraph_type' => '',
          'region' => 'content',
        ],
      ];
      // Attach field if there is not already.
      if (empty($field) && $flag === $bundle) {

        $field = FieldConfig::create([
          'field_name' => 'field_gc_coordinates',
          'entity_type' => 'node',
          'bundle' => $bundle,
          'label' => 'Geographic Coordinates',
          'settings' => [
            'handler' => 'default:paragraph',
            'handler_settings' => [
              'negate' => 0,
              'target_bundles' => [
                'geographic_coordinates' => 'geographic_coordinates',
              ],
              'target_bundles_drag_drop' => [
                'geographic_coordinates' => [
                  'enabled' => TRUE,
                  'weight' => 2,
                ],
              ],
            ],
            'field_type' => 'entity_reference_revisions',
          ],
        ])->save();

        // Set component in form display section.
        entity_get_form_display('node', $bundle, 'default')
          ->setComponent('field_gc_coordinates', $field_settings)
          ->save();

        // Set component in display section.
        entity_get_display('node', $bundle, 'default')
          ->setComponent('field_gc_coordinates')
          ->save();
      }
      // Detach field if already there.
      elseif (!empty($field) && !$flag) {
        $field->delete();
      }
    }