You (anyone) need Loudness Compensation at LOW volume listening.
We expect our systems to be frequency balanced at NORMAL or LOUD listening levels. true for any speaker, any type, any efficiency.
Due to Fletcher Munson's documented human listening curve, at LOW listening levels, both bass and highs are perceived diminished by our ears. Thus for low volume listening we need more bass and need more highs to get back to frequency balance. We do not want this 'boost' at normal volume listening.
i.e. Jazz, Bass Player, awesome at normal volume, frequency balanced. When played at low volume, even though the speaker is still frequency balanced, our hearing is not, thus the bass will need to be boosted to maintain it's proper presence in the performance (re-creating frequency balance at/to our ears).
The 'loudness' circuit is designed to alter/thus restore frequency balance at low volume listening (should have been called 'Low Volume Compensation' LVC, something sensible).
Most Vintage Preamps/Receivers had 'Loudness' controls, to be engaged when needed for low volume listening.
Many new or recent preamps lack LOUDNESS option, thus the speakers continue to produce frequency balanced sound at low volume listening, exactly when our ears need more volume of bass frequencies, i.e. unbalanced frequency dispersion to human's unbalanced hearing characteristics at low volume.