We had indeed excellent analog audio for many decades. But there are still very exciting things happening which are improving the audio quality a lot - expecially in the middle and lower range of the spectrum. There are great pure analog setups, but they require a lot of very expensive and bulky technology, none the least, large speakers and a carefully set up room with good accustics.

Modern digital technology makes this so much easier and more. There are excellent digital power amps, where you have power amplification on one chip integrated with the DAC. Just looking at some of the features of a simple Homepod, there are exciting technologies involved, which could improve also higher end audio. First is driving the bass speaker in a feedback loop. In classical audio technology, you would have a power signal and have to rely on the speaker to transfer this into motion with as little as possible of distortion. Which required the speaker to behave like a perfect spring for different frequencies. So this is a very difficult task, making the speaker expensive and often imperfect. Homepods drive their bass speakers in a feedback loop, the desired position of the membrane is calculated and an electric circuit drives it into that position. It does no longer depend on the mechanical properties of the membrane, also allowing for much higher motion range than in a classical speaker. Also, the active monitoring of the room acoustics with several directional microphones is an improvement vs. classical set up amplifiers, even if they had a microphone input for set up.

So I don't see us hitting peak audio at all yet, that makes for exciting times for music lovers.