I have been that person you described... had the 'components' system in the 80's: Bought a Technics stereo with, what was quite new then- a CD player, then later even upgraded my speakers to a pair of Advent floor units. Friends would come over, we'd imbibe a bit, and kick back and blast
Dark Side Of The Moon (the very 1st CD I bought, btw.) It sounded amazing, and I used it for about 20 years.
Then home theater started making inroads, with 5.1 surround, so I bought a new system, still with components, but now it was a DVD player, 5 small 'cube' speakers and a sub. I'd put on
Pulse on DVD and enjoy concert-quality sound, at home. And that served me well for about 15 or so years. But later on, listening to music like that sort of took a back seat.
I mean, my phone with a pair of earbuds sounds fantastic, and the pair of Logitech desk speakers with a small sub on the floor also sounds great for listening to stuff on my computer. Oh, and the stock stereo in my F250, with a sub under the back seat also sounds killer! And at work, I'll sometimes break out my Bosch work radio and run Pandora through that. That's enough for me.
But a good friend of mine has an actual Home Theater in his basement, complete with 8 tiered reclining seats, a huge screen, and subs that are out of this world ferocious! Watching concert DVD's at his house makes it really easy to give Ticketmaster the middle finger.
So speaking for myself, I still enjoy lots of quality music. Sure, the way it's presented has changed..., gotten smaller, and bigger in some cases. It's just not as big of a focus for me any longer.