the DAC is not MQA enabled or Yamaha is simply not willing to pay a license to MQA
What you are missing is what MQA calls the third unfolding.
If a DAC reads the MQA watermark, it will apply minimum phase filters and do some oversampling.
Don't know what filters are used by your DAC but it might be minimum phase already.
If you want to know what oversampling does, take a 96 kHz file (the highest sample rate supported by the MQA format internally) and up-sample it to 192 kHz.
Compare the two.
MQA is limited to 17 bits dynamic range ( CD = 16 bit) while (theoretical) Hires has 24 bits.
In practice a good Hires recording has 20 bits of musical information.
You probably will be hard pressed to hear a difference between the original Hires version and the lossy compression as applied by MQA.
Personally I'm not willing to spend money for the privilege to listen to a lossy format.
A bit more about this lossy format:
https://www.thewelltemperedcomputer.com/KB/MQA.htm