No. That's an aesthetic choice you make for your pictures that you have elevated to the level of a universal truth for others. People make different aesthetic choices, and your opinion is only that. I'm sure you know this.
Aesthetics have nothing to do with binary data.
When you scan at 8bits, each color layer is sampled on a 2E8 levels scale.
When you scan at 16bits, each color layer is sampled on a 2E16 levels scale.
First case, you have 256 levels of luminance between the black and the white.
Second case, you have 65536 levels of luminance between the black and the white.
So if you scan as Tiff 16bits you have a file which is a digital representation of the negative sampled on 65536 luminance levels per channel and with no compression, which means, no encoding data removed and the full maximum of headroom to tweak the file using a proper and powerful imaging software.
If you scan as Jpeg 8bits you have a file which is a digital representation of the negative sampled on 256 luminance levels per channel and with some compression applied already (some encoding data removed off the file so that it's lighter).
Take a glass, fill it with vodka.
Take a similar one, fill it with a quarter of vodka, three quarters of tap water.
When looked at, the glasses look the same. Do their content taste the same ?
Now, got it, and where the "limited approach is" ?