Just a guess, but it could be the built-in limiter kicking in. It's probably more of a 'speaker protection circuit' but here in fancyland we know it as a limiter and spend a bunch of our time discussing pros and cons of various types and designs.
In laymans terms, it's meant to set a volume threshold over which speaker damage may occur, but since it's a little piece of circuitry and can't hear it has to judge by input signal as measured coarsly by it's simplified detection routine.
That's why it's not kind to multiple sources that are all trying to be loud at the same time...