8 bit per channel is a severe limitation for some use cases. The PNG format specification includes 16bit/channel.
A png format with 24 bits per channel doesn't exist, at least not in the libpng implementation that's probably at the base of the engine. A 2D texture with 8 channels doesn't exist either.
I think there's a confusion about what a channel of a 2D texture is: a pixel of a 2D texture either has 1 channel (monochrome), 2 channels (e.g. for normal maps), 3 channels (that's RGB then), or all 4 (RGBA). There may be other colour codings.
Otoh the depth refers to each of these channels, how many bits it has to represent its value. 8bit would mean values between 0 and 255, or -128 and 127. Please be sure that you don't mean a 2 or 3 channel texture with 8bit per channel (=16 or 24bit per pixel), but really a texture with 16bits per channel, for instance a monochrome texture with integer values 0 to 65535 (or -32768 and 32767, both ideal for a height map), or maybe a normal map with 16bit floats.
So, first question's answer: nothing happens. You can't load a 16bit/channel texture if the loader doesn't support that. There be an error or just garbage. Second: you need to accept what the engine offers (*), or brew your own import routine, or search if someone with a similar problem has done so before and put his work to public use.
Hth a bit :-)
(*) Which is enough for by far the most use cases.