Does anyone else think this

I think you're right. The audiophile fascination with 300lbs plus loudspeakers and 100lbs amplifiers has no appeal to the general population, particularly younger people. On-line audio forums are something of an echo chamber which can lead some participants to believe their behavior and attitudes are widely shared.

I just gave my 18-year-old grandson a pair of Magnepan 1.6s. He loved getting them and stuffing them in his bedroom. It was his mom who said, "those speakers are stupid."
In general though, I agree with Taters' premise.

Most of the comments here are about how the commenter feels. And rightly so. I'm sure most of you think it' absurd to give up your expensive toys, so do I. But that's not what's in question here.

The OP has a point, and a good one at that. Millenials aren't going to give two s*&ts about high performance audio. Especially the big, expensive stuff.

We will not vanish without a trace. Some younger people do appreciate good music and analog equipment, including big speakers, amps, turntables and even RTR decks. Not many but they are there.
Often those younger people, and not so young for that matter, simply don't have space and that kind of money. I don't have space for big monoblocks even if I could find a few thousands to get those older Rowlands, Gryphons or Lamms used. I can't just put either speakers or those monos in the middle of the living room. I might be able to accomodate a big stereo amp, barely.
However, yeah, most are wired digiheads spending a lot on car stereo instead of tuning their cars and get performance suspension, brakes and tires.
So, it's not that gloomy. Yet.

I know 1966 Cadillac DeVille is substantially better than BMW 525 coz it's substantially bigger.