No. We are living it now.
I think the answer is usually more nuanced and it depends on your personal criteria. At the same time, there is often a tendency for seeing things in a favorable light if they exists during your own period of youth.
Having said that, it's extremely hard to argue against the 70s because the market was unimpeded by competing consumer technologies. Like Steve said, the gaming, computer and video industries were either in their infancy or just slightly more mature and hardly affected consumer spending in the audio industry.
The current average consumer is satisfied with Bluetooth speakers and soundbars for audio. The rest of the average disposable income goes to annual (ore nearly annual) phone upgrades, games and video streaming services while much time for the current generation of youth is spent on social media.
Audiophiles like us still crave the good stuff: speakers, high-powered amplifiers, killer subwoofers, multi-media players, turntables. Even so, a close look at each manufacturer's products will indicate that they didn't offer the massive variety of equipment and quantities that they did back in the 70s and 80s.
Picture this: By the 70s and 80s, you could witness most manufacturers producing everything from speakers (some were decent but most were not - but that's another story), power amps, preamps, receivers, open-reel decks, cassette decks turntables, phono cartridges, switchboxes (to help equipment hoarding audiophiles connect more equipment to his system) and, by the 80s, CD players. On top of that, some of there offerings had proprietary technology or features!
Manufacturers don't have the guts or the capital for that. We're living in lean times. In fact, check out the current turntable market and you'll find one manufacturer producing models for several different brands and most entry-level to mid-line models (and sometimes high-end models) are actually stripped down derivatives of turntables from the 70s and 80s (no lie!). Certain Thorens and Music Hall turntables come to mind.
Anyway, enough babbling.