A standard display renders 256 levels per channel. A 16-bit camera image contains 65,536. The arithmetic is unkind: whatever is on screen, more than 99% of the levels in the file are not being shown, and no display setting changes that. What actually happens when a 16-bit image opens is that software picks a window -- a low value that will be drawn as black, a high value that will be drawn as white -- and maps everything between them onto the 256 shades available. Everything outside the window is flattened to one end or the other. Move the window and different structure appears, not because the data changed but because you pointed the 256 shades somewhere else. This is why a 14-bit and a 16-bit acquisition of the same field can look identical on screen while being measurably different files.
The opposite failure is visible, and has a name. Acquire with too few levels and quantization becomes apparent as posterization: smooth gradients break into flat bands with hard edges between them, because there is no value available to represent what belongs in between. Posterization in an acquired image is unrecoverable, the steps having been taken before the file was written. Posterization from a display window is not, and the two look identical on screen -- which is why it is worth knowing which one you are looking at before concluding the acquisition was wrong.