When you press the volume button to increase volume, the signal sent is to increase the voltage, increasing the speaker output. It’s the voltage that is regulated.
In older televisions with the volume knob it was a rheostat.
Eli5 to your answer is that the buttony thing talks to big tv to talk louder through the speaker thingy by increasing the signal power (voltage).
Edit: Analogies are seldom perfect and often misleading. But here goes. A speaker which emits the sound works on a layer of fabric which vibrates. More it vibrates louder the sound. Think of a big gong and voltage determines the strength which is used to hit it. More the voltage, more strongly the gong is hit and a louder sound is made.
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