A resonable icon format would be a vector file plus (at least optionally) 16 and 32px bitmap images. A 16x16 px icon is still common (eg toolbar buttons at desktop resolutions lower than 4K) and as evident by the article there is no way of rasterizing a vector image to 16x16 and preserving anything but a blurry mess. At least not without using a very clever (AI could possibly do it) rasterizer.
The 16x16 representation is often completely different from the vector or 64x64 version. If you draw a clock, the large version is 3D has numbers and 3 hands. The smaller versions is 2D, has 2 hands and no digits.