Hi Tim,
Agreed, this restriction is annoying.
Is this in Social Marketing that you are seeing this?
The culprit is most likely Instagram as they have a max bitrate of 3.5 mb/second.
Your options are to not publish to Instagram, as the other platforms such as Facebook, Twitter and LinkedIn will not have this restriction.
Alternatively, if you have the Adobe Suite, Media Encoder has a preset for Instagram.
You can also turn down the quality in the recording device itself - most consumer phones allow you to reduce record quality to save space. This will only apply to new recordings.
There are also free apps that will compress for you, Handbrake is one I can verify as safe and useful.
This website also offers some solutions (I have not verified the safety or efficacy of their solutions).
Let us know how it goes.