@johnweiss This is an interesting question indeed.
That's what I have found so far (quotations)
"The abbreviation hifi stands for High Fidelity, describing in a narrower sense, a normed standard of quality for audio playback devices. The term "hi-fi" — or "high fidelity" — dates back to the 1950s when it was used to describe audio equipment that was able to faithfully reproduce music."
"What counts as "hi-fi" today? It's not so easy to say."
For myself, I do like some of the comments found in the above link, particularly this:
"The bottom line [is] we’re all fortunate to have ways to enjoy music at many different levels – there’s something for everyone. The answer is really in 'the ear of the beholder."
Trust your ears (as other members of this forum often advise).
Very nice, isn't it?
Happy holidays, eagledriver