You cannot buy good recordings in other formats, in this format you can. So there's a market - not a very big one as such, and maybe created for all the wrong reasons, but it is there.
The problem here is that the "you" in this sentence is not "me", or even an entity I can really influence, much less control.
It's not really even the audio engineer whose boss is telling him to turn up the volume so high that only the top few bits of the 16-bit recording are in use. The boss is saying this so that the song can be heard when the user turns the volume down because of the obnoxiously noisy commercials on the radio. Those commercials have found that they're more effective when they turn the volume way, way up. And they don't give a whit about the quality of their audio as long as they can sell more cars or tickets or whatever, much less the quality of the songs that play after them, much much less the quality of the songs that someone downloads to listen to offline in a nice listening environment without commercials.
The solution isn't just "turn down your compressor ratio", there's a big, hairy Nash equilibrium/politics problem that can be bypassed by offering 24/192 as a secondary product. If you want to remaster it to 16/48 after downloading, you're welcome to do so.
Doing this process in 24 bit gives you a large margin of error to play with. No real point to keeping that for the recording people are going to listen to