My guess is that this is related to the LCD display in your mac.
LCD works by blocking light, but it's not perfect. Say black = 99.9% absorption or 0.001 transmittance.
Say your max brightness is 500 nits, that means full backlight + LCD at reference white -> 500 nits. Well your blacks are going to be 0.001 * 500 = 0.5 nits.
At half brightness, if you keep the backlight the same but increase the dimming on the LCD, you end up with EDR headroom. BUT, now the blacks (still 0.5 nits) got brighter relative to the reference white (250 nits).
So if you did this all the way down to minimum brightness, the laptop screen would look washed out and be consuming extra power to keep the backlight at full.
Other display types like OLED screens don't have this issue. LCDs with local-dimming can mitigate this by turning down some of the backlight zones (you still get blacks washing out in some areas, ie ghosting), so it's practical to end up with a greater dynamic range.