"Assuming no clipping" is the biggest problem there, because the loudness wars resulted in a ton of very lossy clipping and similar artifacts. Arguably that sort of distortion became part of the expected sound, though, so just because it isn't reversible doesn't necessarily mean it is a problem.

In the open metadata world there is ReplayGain which analyzes music peaks and tries to create a negative gain to equalize the dynamic range to a standard volume at both the individual track and full album level.

Apple Music, Spotify, and others have proprietary but similar systems.

(As someone who deeply loves to shuffle an entire library, having a music player that supports ReplayGain has long been a personal requirement.)