HiFi (High Fidelity) has the origins for the use of it as a term, that is founded in the 1950's.
It is a Marketing 'Buzz Word', that has successfully stuck and been adopted in daily use.
As in all Marketing 'Buzz Words', there is something a little fantastical about it, the purpose is to have a allure and encourage a certain outcome.
I don't know many who are in pursuit of HiFi as the end goal, I do know many that are in pursuit of a musical encounter, through the replay of recorded music, that is an enjoyable entertainment.
There does seem to be a vast quantity of individuals enjoying replayed music as a result of a replay of a recorded medium.
The electronic designs chosen to achieve the replay is a means to an end, and does not take away from the enjoyment of the experience.
If the goal is to have the 'so called' very best of electronics and mechanical function, then this is a road less travelled, and one that will come with endless confrontation about philosophies and design for such devices selected.