I don't know why Apple didn't make (or use an existing one such as aptX HD) codec for it. They should have designed one before releasing it.
I'm happy I have it now, and I don't even own a pair of wireless earphones or headphones. But I would probably get a pair if I could use lossless or close to on them.
Actually aptX capable headphones have been around for years.
While Sony's LDAC compatible headphones support up to 990 kbps.
Meanwhile Apple is stuck with AAC 256kbps.
PS. We could debate whether 990kbps is truly lossless or rather 'near lossless' but would there be even any point in that considering how much more bandwidth that is than 256?
It actually surprises me that here we are in 2021 and Bluetooth is still so bandwidth limited. What exactly is the hold-up? There's no reason Bluetooth can't be as fast as WiFi, and WiFi is orders of magnitude faster than what lossless audio needs, even uncompressed. (about 2mbps)
Apple had a chance to develop lossless audio for its wireless headphones, and squandered it. They could have even used WiFi direct.