Audiophile quality streamers that are capable of true audiophile quality sound exist. I own an Aurender W20SE ($22K) and Aurender has introduced the new N50 which is a three box solution and cost $38K. These devices may be operated off a wifi extender and give sound quality comparable to an analog system of similar cost. They catch all the bits, cache them and then restream them so they will sound the same as a CD or a physical media source. So, this part of it can be done. Less expensive streamers like and Aurender N200 can compete with physical media at these lower costs.
The lure that has made these "wireless" devices possible has been adding a library of music for virtually no cost. There is no huge payoff for doing this between other components.