For obvious practical reasons (marketing/advertising for a start) it's in the best interests of Volvo Corporate to provide cars that return the best possible mileage and performance numbers. Even when the gasoline recommended is somewhat more expensive, those interests are still being served.
The highest octane "premium" fuel most widely available in North America is (U.S. rating) 91. For them to say ". . . or higher if you can get it" adds unnecessary confusion, but should be obvious. For some years, Volvo Owner's Manuals have stated that 87 octane is the minimum acceptable. The cars will run on this fuel without damaging the engine, but both economy and performance suffer as the computer backs off ignition timing and advance to prevent knock.
Bottom Line: If Volvo could market quality vehicles that would run on kerosene (not a good example of l-o-w price anymore, just low performance) it would be in their best interests to do so. *So,* if a pricier fuel is recommended, it's because they know that, overall, their customers will be happier.
bob noble Reno, NV, USA