If this topic interests you, I highly recommend the book "MP3: The Meaning of a Format" by Jonathan Sterne [0]. He tracks, among other things, the rise of the MP3, loudness, and studies in sound preference that point to how music got to be mastered the way it is.

One interesting bit is that compression to 128kbps MP3 had a large influence in an entire generation's perception of quality. He cites a study that found typical listeners, when given an ABX test of 128 vs CD, the listeners overwhelmingly preferred 120 kbps MP3.

[0]https://www.dukeupress.edu/MP3/

To your comment, though: the perception of sound quality is highly influenced by things like ritual, genre, equipment, environment, age... as well as technical limitations that impose a particular sound on an entire generation of listeners.