I think most people here will be familiar with Fletcher-Munson equal loudness curves? In summary, how that applies to audio listening, is that the perceived tonal balance is heavily dependent on listening volume.
Right. So right in fact that if you want to take the time to read through my posts you’ll see I’ve mentioned and expounded on this many times. Considering the enormously edifying experience of reading my posts, well worth the time.
Anyway, where was I? Oh yes- you are definitely on the right track. There’s even articles written by mastering engineers covering this exact aspect of mastering. Briefly, they know that because perceived frequency response varies with volume that no matter what they do the recording can at best sound good at only one volume level. Played less loud the bass will be lacking. Played louder it will be overwhelming. (I'm mentioning bass but this applies across the band, check it out and see.) They have to strike a balance. The reasoning they use is the people playing at low volume aren’t listening that closely and so won’t mind or maybe even notice things being off. Those playing it louder are more likely to care. So they dial it in to the volume level they think the most discerning listeners will be most likely to be playing it at.
But that’s only the first part of the equation. The second is what happens with the system and room when audiophiles enter the picture. Because the same Fletcher-Munson perception applies as well in your listening room as their recording studio.
This is where too any audiophiles screw up. Using meters, which are not ears and so do not "perceive" let alone experience Fletcher-Munson perceived level that varies with volume, they set things up to be "flat" and not by ear but by meter. They never consider what sounds flat only sounds flat at that one volume level.
So, in other words, not only does each recording have one volume level it has been engineered to sound right at, but so does each system. The only difference is the engineers are aware of this. Audiophiles, not so much.