In the 70s/80s every home stereo system -- racks of stereo equipment stacked a meter high -- had a dedicated equalizer. It was not just for audiophiles!
In my part of the world, the original HiFi guys rejected the EQ units. I was influenced by that I think (my father was an original). I still have a metre high stack of HiFi, in almost daily use, and have never felt the need to have an EQ unit.
Not sure when I even powered up my stereo system. Probably doesn't even work now.