Man, what a loaded question. The reaponse has so many facets. Penning a complete and cogent response is like writing a mulit part editorial. Maybe this is something for Gene/Tom to tackle in detail. My opinionated rant follows

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The court of popular opinion has proven itself to be monumentally wrong on many occasions. Even in the most egregious cases (geocentric universe, negative health effects of tobacco products use, fossil fuel use vs. global warming, etc.), the inertia exists because of an entity for whom there is considerable loss if the popular opinion changes. The entity is strongly influencing, even coercing, the popular opinion to control the situation. So, swinging the popular opinion is an exercise in frustration and futility at best, and hazardous to one's safety, at worst. That is, until forces, infallible, vociferous and unrelenting, create the impetus over time. It takes courage. without fear of repercussions. to stand against the popular opinion. The heretics will always be a relatively small band of misfits.
The budget end of the HiFi spectrum has been taken hostage by marketing shills for the consumer electronics companies. The marketing blurbs want the customer to believe that the budget 3" satellite and 8" sub will do justice to the program material. On the other end of the spectrum, high dollar HiFi has been taken hostage by snake oil peddlers. The latter folk want you to buy inch thick power connectors without presenting any verifiable data in support of their claims. The honest HiFi nut is left to convince the budget minded customer that a HTIB is not the best way to go and convince the deep pocketed consumer that the $1000/ft speaker cable, made of pure silver, isn't going to make a fig of difference. The HiFi nut is ignored by the budget minded customer and ridiculed by the "audiophile".
In terms of accessing media, popular opinion is leaning towards convenience over quality. It is easier to subscribe to a music service that spoon feeds "algorithm based suggestions" to the listener, as opposed to, spending time at a corner music store's listening station and getting recommendations from the staff. Sadly, the corner music store is all but gone and so is the knowledgably music aficionado at said store. To be fair, the streaming music services have increased access to music like never before. I will refrain from being judgmental on what construes music in popular opinion. To exacerbate the convenience over quality mindset, in the interest of keeping network bandwidth and local storage needs to a minimum, Content Providers/Distributors have made substandard audio the de facto Reference. This is leading to a whole generation of consumers who lack the acumen to appreciate high quality program material.
The state of HiFi, in general, is dire indeed. How does a small band of honest HiFi companies, customers and aficionados stem this tide towards compressed music over HTIB systems?
I call upon my experience as a youngster and my father's love for music to show the way. I remember him letting me mess around with his Canton speakers, Marantz amp and deck, Sony walkman... Oh God! did I torture the speakers and amp! So many times it shut down from being over driver, incorrectly used, shorted! One day, when I was in my teens and in the middle of my rock/rebellion phase, I listened to something awesome and asked him what it was. "That my son, is Led Zeppelin, my Son" was his response, and soon there was more Led Zep in the collection. Always encouraging my curiosity and never chastising me for errors, I can honestly say, if it had not been for my father, I'd be safe and secure on the HTIB/Bose bandwagon.
We, the HiFi heretics, need to educate and inculcate the younger listeners with what is good sound. There is no other way. If we care for this hobby, we should also care that the next generation does not lose it to other evanescent tastes.