It's a 30 year old format, and large amounts of research and innovation in lossy audio compression have occurred since then. Opus can achieve better quality in like 40% the bitrate. Also, the format is, much like zip, a mess of partially broken implementations in the early days (although now everyone uses LAME so not as big of a deal). Its container/stream format is very messy too. Also no native tag format so it needs ID3 tags which don't enforce any standardized text encoding.
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