I listen to old school FM radio, to CD's, and phonograph. From mono recordings pressed in the 50's to compressed over bassed CD's from today. I would not be able to listen to all of that on one system without eliminating some recordings if I did not have tone controls. Sitting thru some of the modern CD's without being able to turn down the bass a smidge to alot, or increasing bass on some really thinly recorded albums would not be enjoyable. I'd rather turn a knob 10 degrees and enjoy it than listen to it as recorded or pitch it in the trash is my take on this subject.
Most recordings require nothing, and usually those are the best overall to listen to.
I think there were some fine artists making fine music that did not receive the proper service from the folks who handled their music once they placed it in the air.