This is easy to understand. Because EQ can increase the gain of certain frequencies, if you set the sound to maximum and use EQ to enhance some frequencies, these frequencies will experience clipping distortion. So generally speaking, to avoid clipping distortion, the overall gain is reduced, so even if there is an EQ of+12dB, there will be no clipping distortion when the sound is adjusted to the maximum.
Generally speaking, using Equalization APO to adjust EQ on a computer will also add a negative overall gain to avoid this situation.