I own the Max, but also own Bowers & Wilkins PX7 headphones. The PX7 comes with a USB-C cable for charging. But it also come with a secondary cable that is 3.5mm end on both ends, and has a round jack hole in one of the ear cups. So why Apple didn't offer this I don't know. And oh, BTW the PX7's came with a full enclosure hard caseAlthough I agree, I feel like Apple was pressured to support Hi-Res due to Spotify competition. So any products developed and launched prior to this obviously wouldn't have the functionality.
As much as I wished there was a secret functionality in the APM chip to activate this, I'm afraid the signal path itself of the APM was a missed opportunity. Everything has to go through the internal DAC/Amp. And since there is no by-passing that then it would be moot point to try and feed it lossless signal if the APM can't accept a straight analog connection.
I'm as disappointed as any APM owner. I own two (2) of these. But I'm also a headphone collector. So I've moved on with other headphones and enjoy a wired DAC/Amp connection. So at the very least, I will still be able to benefit from their Hi-Res Lossless - albeit not wirelessly or with the APM.
I can only imagine how much more sales the APM can pick up if Apple only designed this to accept their Lossless signal especially wirelessly to compete with Sony's LDAC. Oh well.
Don't get me wrong, the AirPod Max sounds better, to my ears, than the PX7. But each offers a lot, and I'll be keeping both, and will just pick the one that better suits the environment in which I use them.