I assume that industry standard products are more expensive??
Brand new, they often are. But they often are of higher build quality and most people get rid of their old gear because it is outdated, not because it no longer functions. So, it depends on your location and how/where you buy your product from.
Online, Accessories4Less offers a number of A/V receivers that start under $200. But, it's JUST the A/V receiver. It is designed to have sources connected to it, like cable boxes, blu-ray players, streaming products, a home computer, etc.
https://www.accessories4less.com/make-a-store/item/denavrs530bt/denon-avr-s530bt-5.2-ch-x-70-watts-bluetooth-a/v-receiver/1.html
For some people $500 is a lot of money, for others $500 is the cost for some of their cables. But, complete home theater kits that are proprietary are almost always 'cheap' and of relatively poor quality. Some companies, such as Bose, have a very high premium on their proprietary products, so they are typically considered a terrible purchase for this, and other, reasons.
But, you can pick up used gear for not a lot of cash, it just won't adhere to the newest standards. That's what the newer products can do. They can handle 4K sources, and they can power a decent set of speakers of your own choosing.
I have kids and a older A/V receiver in my basement setup. I wanted super inexpensive speakers when (not if) the kids hit them with their shenanigans, so I have 5 speakers setup and those 5 speakers cost me 50 bucks. I thought that was pretty cheap. They don't sound great, probably similar to what the speakers you have sound like. It didn't come with a subwoofer, but I already had one.
I see the Panasonic for over $100 when working online right now. It may have been $300 new. You can get a 'standard' system for that price. From my link above, $140 for the Denon. They have 5 speakers (similar to what you already have) for $50. And on Amazon you can pick up a 10" subwoofer for $90. So, under $300 and you are into a industry standard 5.1 surround sound audio system with 4K capability and plenty of connectivity. Oh, and the subwoofer will blow away what the Panasonic delivered. Not to mention the A/V receiver itself.
So, it depends on budget, your location, and what you are looking to do. Make it a conversation if you want to get the most out of things.