I also want to add, the red book standard was rushed and came out possibly two years before it should have. "Red Book Standard" was the adopted standard for red laser optical audio in 1978ish(I say -ish, because it wasn't officially an iso standard, just a handshake deal to how to use a very hard to understand format change at the time, until that just stuck around because nobody wanted to improve on it, and jeopardize backwards compatibility with CD players at the time).
Just to show you the real issue the industry gave itself with CD.
Vinyl - analog, so no bitrate, but in linear capacity, it is debated to be around a very theoretical 268 KHz for single channel, and 172 KHz for dual channel.
CD - 44 KHz and 16-bit for two linear streams. (Red book theoretical was 51/16 which was why high end producers objectively saw it as better)
DVD - 192 kHz and 24-bit for two linear streams.
But had the industry adopted an optical media standard just two years later, then a higher capacity disc would have been out, and much easier to work with(and I think this may have aided in having something that dropped in price quicker than CD which took about 10 years to become affordable). The new red laser would have went from 650mb according to ISO 9660 standards, to about 1.2gb single layer(and much like CD saw it's wide-adopted end near 800mb, so would the new density which would have reached 1.9gb). That would have easily allowed more than two channels to exceeded 48 KHz / 16-bit.
Then MP3 happened. That is another problem all together, because Fraunhofer/IIS developed a standard around a standard. The way MP3 is encoded, it would just add the channels and the user would select the bitrates for compression. The problem is, when you have every song in the wild, and all of it is compressed to ~128kbbs to reach that 3-4mb desired size, reintroducing another standard simply does not happen. Or worse yet, a file that can not exceed 160kbbs in quality being oversampled to 320kbbs with n00bs swearing it is better despite being mathematically impossible. Oversampling is ANOTHER problem with audio quality perception.