I wholeheartedly agree with what you’re saying. Though I suppose one mans Mid-Fi is another mans End-Game. It’s down to personal tase financial restraints in the end though for many.
I agree that it is pointless searching for that initial high that came when upgrading that first time and you got to hear great quality audio. Thing is that’s what a lot do crave. Like you say it’s all incremental steps after a certain point. It gets damned expensive very quickly if one goes down that route.
I think that after a certain amount of time in this hobby/pastime I realised that diminishing returns plays a major role. Instead of trying for increases in sound quality perhaps different flavours of sound reproduction is the way to go. For example I like bright and somewhat analytical gear but now I am maybe going to look into a more laid back approach and try some LCD or ZMF cans just to change it up a little. Of course finances permitting. I have had HD650’s from the start of my journey and I am only now starting to appreciate just how good they are for sitting back and enjoying music.