Some of it was, sure.
Before the advent of huge TVs, families used to aspire to own a banging speaker system for the same reason most people own 60" TVs. It was a better time, and companies made bulletproof (almost literally) stuff. Look and lift at almost any receiver from the 70's, and you'd get it. Companies cared a little less about profits, and a little more in making the best stuff they could possibly make.
Families did not aspire to own a banging system. LOL. Families back then aspired for a bigger TV (gotta love those big console televisions of the 70s and 80s). Very few people had a high-end stereo. A few of my friends had something like a Pioneer stereo system with the stereo cabinet with the smoked glass door (sold at local department stores) in their house. I remember they used to cost something like $1000.
It is easier to find a good 'stereo' system in a modern home because people buy them as home theater rigs.