Well, over the years we went from a 2 channel audio system to multi channel to 7.1 with audio codecs evolving over time. So, at many of those jump off points it was a reason to upgrade.
Then, some speakers get better, may need a different power supply or not.
Some have developed different needs over the years. Some upgrade CD or DVD players so it will play multiple disc without reloading.
So, there can be may reasons for upgrades. As to sound, the only thing pretty much to conquer is the room and the speaker.
Then you mention looks; another great reason to upgrade.
As to sonic differentiation, what I mentioned stands, unfortunately. The only way to differentiate is under those conditions; anything short of that is totally biased and unreliable. This is not me speaking but what the research shows us.