Has the cost of HiFi gotten a bit too much?

I think the upper end of the high end maybe even the “vanilla” version of the high end has gotten stupid expensive.  But at the same time one can assemble a great system for not too much of a cost nowadays, as well.

What’s really crazy is you can connect a pair of inexpensive IEMs ($200-$300) to your phone and get absolutely mind-boggling good sound!  

Guessing the bar is set low.
 

Actually, the opposite.  You’d be amazed at the quality of sound a pair of Etymotic ER4 and a phone streaming lossless can provide your ears.