You're dangerously close to making quality judgments on behalf of all humanity again: if 16-bit is good enough for you, so be it.
But evidently it's not good enough the whole professional audio industry. Or digital mastering. Or, all the people who bought SACD players. Or all the people buying 24-bit downloads. Or all the people making 24-bit D-A converters. Or, frankly, anyone with functional hearing and a revealing system.
Yes, the last decade has witnessed the rise in popularity of lossy formats. OK, most music-lovers don't know the difference, and certainly aren't demanding better quality in sufficient numbers to exert leverage with the record companies, who are preoccupied with protecting their interests in a new digital age in which media is pulled freely from The Cloud.
But uncompressed 24-bit audio is more like the real thing: it's just funner to listen to. And why squash 16-bit files out of shape when a 2Tb hard drive is £80? I don't understand the mentality that says: 'give us rubbish, please: in fact, make sure everyone gets the same rubbish because some can't tell the difference anyway.'