Sampling theory says you can reconstruct a signal by sampling it at least twice per cycle. So 44.1KHz is an adequate sampling rate for an 22.05Khz signal.
Unfortunately to make Digital-to-Analog conversion work according to theory, you must first construct an ideal analog filter which filters out everything above 22.05Khz while leaving everything less than 22.05Khz unmolested. That's not possible in reality. If 20KHz is the goal, you have a measly 2.05KHz to make the filter ramp from kill-nothing to kill-everything. I'd imagine real-world CD players with cheap filters probably kill everything above 15Khz.
In reality you want a lot of headroom between half the sampling frequency and the actual max frequency you want to pass unmolested. Even 48KHz only grants you a 4Khz band in which to let the filter roll off.
Second, significant playback timing jitter can render the LSBs useless. At 44.1KHz with 16bit sampling, the max difference between a pair of samples of a 22.05KHz max-amplitude input is very roughly 2^15. What does that mean? If your jitter is more than 692ns [1] you have just lost an LSB.
Sure, 24/192 is serious and unnecessary overkill. The advantage is that it has lots of headroom. The disadvantage is that it takes more space. If you were designing a new format today in our era of large hard drives, why wouldn't you waste a bit of space?
This isn't gold-plated monstrous-cable properly-broken-in HDMI snake oil. The current format isn't perfect; an upgrade is a reasonable idea.
[1] 44.1KHz period is 22.6ms; one part in 2^15 of that is 692ns.