My pow is that for production sure use more resolution to allow for the production tools and human error and just some safety margin , record and produce at as a high rez as possible. recording format and content delivery format need not to be the same .
This discussion is about content delivery ? I will assume that in my reply.
The limits of the CD system ? more bit's always gives lower noise floor it's theoretically within our hearing limits with absurd gain or something . our dynamic cabablities are better than 96dB even if not many recordings have this high dynamics in practice , but theoretically its not at the human limit.
But hearing more than 20kHz is not possible so 44.1 is perfectly capable of preserving all fidelity bellow <20kHz higher sampling frequency does not improve resolution <20kHz it's already at the theoretical limit it's just gives you more frequencies .
SO i now i cant hear better than 16/44.1 on music at survivable listening levels .
But in todays world I'm happily content buying new music at 24/48 or at best 24/96 , 24/48 would enclose whats possible useful for an end consumer .
then we can encode all frequncies humans can hear and the noise floor 144dB/24 is better than any equipment is currently capable of .
But yes yet another rerelease of dark side of the moon would need more bits or higher sample rate
The state of most popular recordings sadly is that they are not at the limit of almost any format we have , so if CD resolution is better than the intrinsic resolution of whatever you are listening to even more bits would not help.
New master of old stuff tend to be released in new hi rez formats , this is for marketing, it gets more sales this way . Remastered is such a destroyed property in the CD market that almost no one would notice a new version (they are usually all worse historically ) . But if you anounce a new version on HD-tracks or similar places it gets traction and sales, a new CD version even if actually improved and worthwhile would not catch attention anymoore ?