I've been intrigued by seeing several tests where lossy recordings, often at moderate bitrates, do better than lossless versions in testing, and I wonder if I've stumbled on an explanation:
there is no point to distributing music in 24-bit/192kHz format. Its playback fidelity is slightly inferior to 16/44.1 or 16/48, and it takes up 6 times the space. There are a few real problems with the audio quality and 'experience' of digitally distributed music today. 24/192 solves none of them. While everyone fixates on 24/192 as a magic bullet, we're not going to see any actual improvement...
192kHz digital music files offer no benefits. They're not quite neutral either; practical fidelity is slightly worse. The ultrasonics are a liability during playback.
Neither audio transducers nor power amplifiers are free of distortion, and distortion tends to increase rapidly at the lowest and highest frequencies. If the same transducer reproduces ultrasonics along with audible content, any nonlinearity will shift some of the ultrasonic content down into the audible range as an uncontrolled spray of intermodulation distortion products covering the entire audible spectrum. Nonlinearity in a power amplifier will produce the same effect. The effect is very slight, but listening tests have confirmed that both effects can be audible.