Whether HDMI was the most adequate choice made back in 2002 as an interface to transfer 8 channels of 192 kHz at 16-24-bit audio with a maximum aggregate sample rate of 768 kHz is arguable. Perhaps another separate physical higher speed interface similar to S/PDIF and AES/EBU but improved upon could have been engineered at the time. That said, this higher bandwidth data transfer rate requirement could not have been supported on the existing S/PDIF, Toslink or AES/EBU interfaces at the time. Furthermore, the transfer of those 8 channels at 192 kHz/24-bit up to HDMI 1.4 (2009) required some form of compression codec to make possible.
Personally, I'd rather have lossless codecs like Dolby TrueHD and DTS-HD Master Audio going through HDMI with all the added jitter and HDCP crap that comes with it than plain old Dolby Digital 5.1 and DTS that are the equivalent of multichannel MP3 (DTS to a lesser extent than DD).