It's a driver (Realtek supposedly) problem with Windows 10 that causes this issue: when playing a video (YouTube, local file, etc.) and you pause the audio, playing again would result in a volume change without any real change in the speaker volume meter.
The following fixed it for me:
Source: Windows 10 Maxes Out Volume Sometimes
- Click Start > Type
sound
> Enter to open Sound settings
(Alternatively, right-click on the tray area Sound icon and select Sounds)- Playback tab > Right-click Speakers > Properties
- Enhancements tab (if existing) > Uncheck Disable all sound effects (or similar option)
- Uncheck Immediate Mode at top of the list
EDIT: For users that have Advanced tab instead of Enhancements:
- Go to Advanced tab
- On Signal Enhancements section Uncheck Enable audio enhancements