I believe they were in one aspect! Someone may have already mentioned this, the market for home audio was very wide. Everyone had a stereo, it was almost a must. Low income, high income. People were socializing next to their stereo systems, they were dancing to it in their living rooms drinking silly sugary cocktails. That's what is different. I can't remember a house I visited back then that didn't have a stereo as a central piece of the living space. No house was without one.
Today the quality is way up, but you'll mostly find a solitary member of the family sitting in his lonely "throne-chair" at the sweet spot, more in this discerning type of listening. If you visit, he'll most likely get up to let you sit for five minutes and experience the superb sound, and that's it. Audio today is not an equal member of all your parties and socializing.
Once the audio age passed I didn't see people upgrading, keeping their collections and remaining true to this type of entertainment. Huge TVs moved to the center of the living room. Stereo systems got dumped or sold and today I get really surprised when I visit someone at his home and see a nice system. It's so rare. Even a bar and a sub are rare.