I find this a bit weird that members are actively seeking to convert to lossy formats.
If Hires is no longer important, do we even need to buy a quality AVR or speakers worth more than $200 each? (Asking for a friend)
I think it is more that people are looking for ways to enjoy their 5.1/Atmos rips in the Apple ecosystem and finding out that one of the solutions can only be done with a lossy method. It isn't like that is what people WANT, it is that is one of the few things that work.
I listen to all my 5.1 rips on an AppleTV in 24/48 (they are in my library at higher resolutions but it always downsamples to that). It isn't easy but I have a way. I have not found a satisfactory way to listen in spatial audio on AirPods etc. because the only possible solution is 5.1 at 256kbps which I wouldn't subject my ears to even to test if it works.