I've always thought it was the additives dropping below a certain PPM level, as well as the glycol component turning into something more acidic - glycolate and glycolic acid.
With newer cars and heavy trucks using silicate-free coolant with organic acid inhibitors, do we need to dump coolant all that often? Mercedes(and maybe Detroit Diesel to a certain point) is still using silicate as is BMW and Tesla(G-48) and VAG just jumped back on the silicate bandwagon with their newest coolant G12++(BASF G-40), and the Japanese loves their pHOAT coolants, maybe there is some truth the newer HOATs can be run longer than what is called for as long as it's mixed with DI water?