Bandwidth was definitely one of the main reasons that the developers of the product used to get buy-in when first introduced. There were others (“deblurring”comes to mind).
Today, bandwidth is not an issue for most folks (even on mobile devices) and Qobuz and others offer full-resolution non-lossy streaming for a cheaper monthly rate.
As I see it, there is no right or wrong. It is all about the music we like; whatever rocks someone’s boat is just fine.