What's the possible purpose of these large audio formats?

I am learning more about how much data is actually necessary for high fidelity audio. As far as I can see, the highest quality data files able to be worked with and exported from Adobe Audition (CS6) are WAV-PCM and BWF-PCM files as described below:

Format: Wave PCM (*.wav, *.bwf)

Sample Type: 192000 Hz, 32-bit

Bitrate: 24576 kbps

Format Settings: Wave Uncompressed, 64-bit Floating Point (IEEE)

Markers and other metadata included

Large estimated file sizes, such as 6 min = 1 GB for stereo audio

Multichannel audio available

44.1kHz at 192kbps (generally 16-bit) is usually the maximum level of audible fidelity. I prefer a minimum of 256kbps and 24-bit (32-bit if possible). What's the purpose of such large and complex audio file formats?