Interesting rant, James. As I'm seeing it is that nowadays the sound quality you get from an affordable device (let's say a chinese smartphone with a 50 bucks pair of IEMs) is superior to anything you'd say it sounded just decent 50 years ago when Hiend audio was developing to get its heyday. Even listening to current lossy files the sound quality has a better dynamic range, less noise, wider frequency range and less distortion than what you were getting from an expensive top of the line Sony Walkman in the 80's.
The problem is that Hiend isn't justifying the prices for a better sound, it has become another luxury good more likely to show how "winner" and exclusive is its owner than to provide an improved, more intense, listening experience. This is the move we've been seeing on "exclusive" watches, cars, clothes... anything that is targeted to those few millions of humans that for one reason or another have a few millions yearly to spend just to show off. Since those riches create the trend, then the lower income wannabes target to more affordable yet very expensive products that still will show off how successful and "winner" they are. They're still way wealthier than average, they can afford a 150.000 BMW SUV but not a 1M Bugatti, nor a 500.000 Ferrari. Manufacturers have now a really big market of high rent individuals that would allow them to sell the same shit at 10x the price. Possibly the same amount of people that in the 60's were able to afford a pair of Quad 57 with a matching amplifier and Thorens turntable.
Manufacturers aren't stupid, nor their shareholders. If you can sell a camera/watch/speaker/whatever for a several thousands, why getting a lower profit would be acceptable? The paradigm has shifted to the higher prices/benefit as long as the whole production can be sold for a bulkier price. The world has got a load of wealthy ones in the last couple of decades while the middle class (former market of these goods) has got poorer. It's clearly more profitable selling your production at a much higher price/benefit than trying to produce a larger number of items at a lower cost to reach a wider market. Possibly the planet will benefit of this trend too.