Hi Michael,
Audio data in WAV is uncompressed. After you export to mp4, the audio is compressed by AAC encoder.
Isn't it make sense that compressed data will have less bit rate since less data need to be transmitted per second?
Also, in the screenshot above, 320kbps in MP3 is "Maximum bit rate", meaning that the encoder will output less bit rate if the audio data can be compressed more without losing quality.