Pure speculation based on watching how markets move over the years. Ever tried to find an RC outfit with boat instructions as opposed to flight and buggy? Boats are a minority market, submarines a minor subset of that small market, thus unattractive to major players as a source of income, therefore generally neglected in the interests of making money more easily elsewhere.
Hence the 127 film analogy – once it was common enough to be available from almost any shop because most families had a Kodak Brownie, now there are one or two specialist suppliers for people prepared to fork out for nostalgia. With the growing dominance of what is a generally more capable system that costs less, "conventional" radio will feel the squeeze.
Wandering back to ultrasonics, I wonder if an ultrasonic carrier could handle DTMF. This is the tone dialling standard that phones have used for many years, and there is a family of chips that were developed to handle it over the years Encoding and inserting the signal should be no big problem, receiving and decoding it is the detail where the Devil lies.