The point is well made that in Ansel Adams' Zone System each step is equvalent to a stop, with the lowest tonal value being absolute black and the highest absolute white. In other words an effective dynamic range of 8 stops, something which even Canon's maligned sensors are capable of achieving.

https://luminous-landscape.com/is-good-good-enough/
* That's the easy part. Taking good pictures is far more difficult.
** As much as anything, this is undoubtedly the real reason why camera sales are falling. In the early days of digital, the increments were sufficiently large to justify an upgrade, but that is no longer happening and there is no revolutionary technology in the background waiting to take over. The manufacturers have made today's cameras too good ....