24 bit makes sense because it exceeds the dynamic range which humans can cope with, while 16 bit is less than that. As is the dynamic range of vinyl for that matter and as for cassettes (remember them)....
Sample rate frequency is a different matter. Too low and all kinds of oddities are the result, as demonstrated by early samplers which operated in the 8 to 12KHz range. There's still a cut-off point however, and by and large most people seem happy enough with a playback sampling rate of 44.1-48KHz. Processing audio may benefit from higher rates and greater bit depth but for the final "released to the world" rendering there's little point in going to a higher sampling rate than the CD standard.
I remember listening to a BBC radio programme a few years ago. It had a couple of guys advocating "HD CD audio". The presenter gave them a blind test of CD specification audio and the same at a "HD" resolution. The HD advocates couldn't tell which was which, for which, after an amount of umming and erming they decided to declare that the BBC's nearfields just weren't up to the job, because if they were then the difference would be "obvious".
The BBC does not use low quality monitoring systems, it uses world class broadcast setups, about which it pretty much wrote the book.....
And let's not forget that many people are perfectly happy listening to low quality compressed formats.