Monitors are 8-bit per channel. The purpose of using 16-bit is to edit the brightness range of the original scan (increase its contrast) without seeing the effect of reducing 8-bit values into something smaller like 7-bit (for a 2x contrast boost) 6-bit (for a 4x contrast boost) 5-bit (for an 8x contrast boost).
It's most useful for films of low contrast, such as color negative, high-latitude black and white negative. It's less useful (but not useless) on films of high contrast, like positive slide film, microfilm, or high-contrast negative like Pan F.