It is not just about gain but I believe also about control of the interconnects, impedance matching and frequency variations with impedance. The passives I have used include several resistor types (including Endler direct to amp - i.e., no interconnect) and Bent-type TVC, but not LDR. All had excellent clarity but all missed out in the areas of bass drive and tonal depth compared to my reference, which is a no-gain, buffered preamp with a Shallco attenuator using great-sounding AN tantalum resistors, Lundhal coupling transformers and an outboard choke-filtered power supply. My conclusion was that even with a 4V source, amps with 100K ohm input impedance, and short, balanced interconnects, the passives were not able to match the tonal saturation of the buffered preamp.
I used to think passive preamps were superior to active preamps given right the setup, but
my recent evaluation of a modded old SS preamp has me a little befuddled. I've evaluated $10K+ active preamps in the past and was never impressed especially given their cost. In general, I've found passives to do better job. I know there's ongoing debate on this. But here's a very illuminating video on the subject by Bascom King, one of the legends of high end audio.
https://youtu.be/HHl8F9amyY4
https://youtu.be/HHl8F9amyY4