Adding to formerly_proven's reply, back in the analog era we usually had balance and tone controls to compensate for the deficiences in both the recordings and our listening environments and equipment.

Balance and tone controls are still useful. You can treat your listening environments to be neutral (bass traps, absorbers and diffusers, etc); but when you have a few friends over to listen you need to compensate for the sound absorption by their bodies. Or if it's a nice day and you open the window. Or you have a recording made by a friend on their phone. All sorts of reasons.