@Steve Wilcox: It's not placebo in your case, since you're using balanced armature (BA) IEMs, which usually have non-linear impedance across frequencies. For example, let's take a look at the Shure SE535 impedance graph, taken from
Innerfidelty:
You can see that the magenta curve is quite linear in bass, but has a distinct bump in the upper mids.
Now what happens is, if you turn that Shure earphone adapter's volume rocker, you're in fact adding output impedance to the headphone out of your source. As a result, the tonal balance of your BA IEMs will shift according to their impedance curve, which means you'll hear an increase in upper mids, relative to lower mids and bass. In short, your IEMs will become brighter / clearer / 'more detailed' sounding, as you increase the output impedance of your source.
Assuming the Noble Massdrops you mentioned are the Noble X, you can check their impedance curve
here, it rises even more steeply throughout upper mids and treble, which means the effect will be even a tad more pronounced.
On the other hand, if you'd try the same with dynamic driver (DD) IEMs, you shouldn't hear any change worth mentioning, because contrary to BAs, pretty much all DDs have linear impedance across frequencies.