The theory was put forth by audiophiles and audiophile magazine editors, not by record labels - and was way before the CD era. Folks were theorizing about why in many cases LPs sounded better than the same releases on R2R tape (despite the surface noise).
Vinyl was dead by the mid 90s, with audiophiles theories or not, no one cared about it for 25 years, maybe longer. That didn't wake up Vinyl from the dead.
I was talking about the new found hype surrounding Vinyl that started somewhere around 15 years ago, hype that made Vinyl production start again, it was not done by audiophiles and audiophile magazine editors, it was done by commercial record labels as a way of still selling some records when CD sales went down the drain. There's also some nostalgia effect here from the consumers part.
I'm a Mastering Engineer, and Kingkorg is totally correct, mastering for Vinyl and CD releases or Digital Streaming is not the same. The divergence among Audiophiles has to do with the Over Limiting used in some CD releases, and it actually got to a point it was over the top, extremely limited and squashed... Loudness Wars.... The source material for Vinyl can't be as limited as it would not cut well.
But saying this Mastering for Vinyl has also a lot of drawbacks and shortcomings, there's much more information in the Digital mixes I receive, and that we can hear, than what's possible to cut on a Vinyl, so to do the Pre-Mastering for a Vinyl cut you have to actually degrade the original sound quality like limit Low end extension and high end extension for example and also change some artistic decisions in the mix like the need to have the low end in mono for a Vinyl cut.
So overall, taking the amount of limiting out of the equation, the Vinyl pre-masters (send to the Cut) are always smaller (smaller frequency response) and degraded compared to the Digital Mixes I receive, the mixes that were approved by the artists, producers and labels ARs.
Off course a normal consumer don't know anything about this, and from the people I know that on the top of their minds say that "Vinyl sound better" none of them actually did an A/B comparison (a proper one) between the CD or high quality streaming and the Vinyl release. But I did and do it all the time, and the Vinyl is always much worse.
My 2 cents