"Hifi" was sort of mainstream for a while in the early 2000s. Remember when everyone went all-in on sound systems for their "home cinemas", very often spending serious money on 5.1 systems?
Then Netflix, the race to the bottom in terms of bitstreams and portable devices happened.
People just prefer soundbars because they are easier and less imposing while delivering 80% of the value. Samsung sound bars in particular are very good. Compared to a 5.1 setup, their biggest fault is lacking good stereo separation.
Netflix delivers Dolby Atmos in bitrates that are indistinguishable from lossless audio. It's better, not worse.
Then Netflix, the race to the bottom in terms of bitstreams and portable devices happened.