I think that when Samuel asked about speakers "below (even if angled up toward the ears)", he was at least partly acknowledging the speaker directional effects that Chris is describing. If the speakers are "angled up" to be "aimed" at the ears, there should be much less falloff of high frequencies. Yet the quality is rather different.
I suspect that one needs to get into HRTF, particularly the "torso reflection" part of the HRTF, to explain why a sound from a negative elevation has such a different quality. In particular, the torso reflection induces a destructive interference that makes a comb filter effect even down in the 1-3 kHz region (path differences of a half wavelength being about 2 to 6 inches in that region).
There's more about this torso reflection effect in these papers, which are easy to find:
Lan, Y., Yin, T., & Yu, G. (2022). Effect of torso reflections from simplified torso models on head-related transfer function simulation and ipsilateral perception of elevation. Applied Acoustics, 201, 109095.
Reijniers, J., Partoens, B., & Peremans, H. (2023, September). Torso reflection model for dynamic head-related transfer function. In Proceedings of the 10th Convention of the European Acoustics Association (EAA), Torino, Italy (pp. 11-15).
Dick