By definition, the hypersonic effect is above 20 kHz. Most digital music is limited to 1/2 the Nyquist frequency digital sample rate of 44.1 kHz or an audio reproduction of 22.05 kHz.
This frequency slightly exceeds the maximum high frequency available on a tape recording machine - which all studios used to record albums prior to the introduction of CD’s and digital recording. The only way to get MORE than 20 kHz on an LP record was through the direct-to-disk-process which was not regularly used. Rather than a deep record company / big pharma conspiracy, I’d say the record companies are or were simply working within the limitations of standard recording technology.
I know...not nearly as fear inducing as the big pharma / recording company conspiracy, but the limitations of the tape recording / digital sampling rate does fit Occam’s Razor far better than an involved conspiracy of two unrelated business enterprises conspiring to remove hypersonic frequencies for some undefined benefit to them.
However, dynamic range is a completely different subject that has nothing to do with the maximum high frequency available on a specific recording.