When the bit depth is increased is also means that those waveforms are more smoothly shaped, they more closely match the sine wave shape. This is because there are more available voltage values within the given range. Analog has an infinite number of possible voltage values within a given range. So even though vinyl may not have a great dynamic range, the sound is more accurate within that range.

Great vinyl sounds 'alive' to me, whereas CDs, even though they still often sound great, are lacking.