I admit I’m basically in this category. But I recently saw Jazz at Lincoln Center Orchestra and was totally blown away, mostly by the writing, musicianship, creativity and courage, but also because of the best audio quality I’ve ever experienced, and it has me questioning my assumptions.
These absolutely still exist. What's changed, to an extent, is that they're a bit less fashionable; whereas in the 80s any self-respecting rich person needed a hifi that cost as much as a small house, today, this is largely the preserve of (rich) enthusiasts.
The vast majority of people would have had relatively low cost stereo systems which were, by and large, far worse than their modern contemporaries, tho.