Just speculation.
The use of companding is one way to achieve extended dynamic range through a single ADC, using well understood and established tech.
ALC is another, if combined with a matching inverse ALC stage after the ADC that is aware of what the ALC is doing..
ALC, aka Automatic Level Control, aka slow-response compression doesn't seem like a way to improve dynamic range at all.
Am I missing something?
It doesn't have to be slow. Long ago I wondered about an implementation which automatically placed a marker whenever the user made a change in gain, and also noted the value of the change. That would allow for making an inverse manual or automatic level adjustment by the same amount at the marked points afterward on the computer, compensating for the gain adjustments made while recording. The idea was simply to allow for manual gain adjustments as needed without that change in level effecting the resulting recording. And as used that way it would be extending dynamic range, even if that was not the original intent. But if automated, with the inverse correction being made digitally in the recorder itself after the ADC but before writing the data to memory, it could be used as a scheme for intentionally extending dynamic range through a less than state of the art, inexpensive ADC. Conceptually, it is ALC combined with automatic correction for whatever changes in gain the ALC makes.