The Apple TV correctly detects that the TV supports HDMI-CEC, and sends volume commands downstream. The TV, however, refuses to adjust the volume of its optical out, incorrectly assuming that the downstream audio device also has a remote. It doesn’t. Neither the cheap little DAC nor the speakers support a remote of any kind. (The speakers have a physical knob, that’s it.)
Result: volume buttons on the Apple TV remote make the TV say “OPTICAL” and refuse to adjust its volume.
2/