Simple fact is, the more gain stages that aren’t needed and have, the more distortion and noise you introduce.
Be nice if a source had an output stage with enough voltage gain and current to drive a speaker direct.
(a smart manufacture could easily do it, but probably receive a bullet from all the preamp and amp makers out there)
Such a dac was made almost by Musical Fidelity in the A3/24 not a great sounding dac per-se (delta sigma), but the Darlington output stage and power supply were strong enough and capable of giving 10w or more, with enough gain and with these dc coupling mods could drive say, a Klipsch-Horn quite loud. https://ibb.co/6FDxS3x
Cheers George