Interesting discussion. I don't think you can call 24-bit or 16-bit as anywhere analogous to speed. Ever heard of the term "wordlength'? A 24-bit sample contains more data (0s and 1s) than a 16-bit sample. One has a longer wordlength than the other. It's a quantized sample of physical condition (in this case a waveform). Each quantized sample can be represented by a wordlength of 8-bits, 16-bits 20-bits, etc.
Now how many of those samples are taken every second, that's your sampling frequency. The more the merrier, so you get closer to the sampled waveform, though Nyquist will argue you only need twice the waveform's frequency to be able to restore. Together, the wordlength and the sampling frequency define your resolution. They go together.
Oh, and yes, D/A and A/D converters are hardware based. True. But they have instruction sets hardcoded into the chip. An instruction set is a computer program. Any computer program is a software. A program, software or instruction set hardcoded into a chip is called a firmware. And chips with erasable programmable capability can have their firmware upgraded from a download of a revised software. Just my 2 cents. Peace.