You put together a system without one and you don’t know what you are missing. And this missing stuff is often the most important stuff…
Very true, both wrt to preamps and with other stuff too. In my case it was dual subs, which I should have added years ago.
So, without a preamp you often get amazing detail but somewhat flat lifeless presentation.
Not everyone has the same experience with loss of depth and dynamics, but it was mine with the 4 or 5 resistive passives I have tried in my system. The internal volume control of the Metrum Adagio DAC was better sounding and certainly not flat or lifeless, but it leaned more toward a clean/detailed sound without providing the degree of body and rich tone I enjoy. In addition to the Adagio, the only other passive solutions I have tried where that "somewhat flat lifeless presentation" didn't occur used Slagle autoformer volume controls (AVC) but those two units had their own sound that, while nice, I ultimately moved on from.
Regarding DAC volume controls and loss of bits, here is some reading material explaining how bits can be lost in some situations. The article also includes a couple of illustrations by ESS showing how analog volume controls lower both the signal and the noise while digital volume controls can lower the signal while leaving the noise unaffected, which has the effect of reducing the S/N ratio.
Not all DAC volume controls are the same. The approach practiced by Cees Ruitenberg at Metrum and at Sonnet (now together under one roof!) involves changing the volume by varying the reference voltage of the converters, which, in conjunction with an algorithm they employ, preserves S/N.
In the end, as mentioned by others here, you really need to try things out for yourself and preferably in your own system with the music you listen to.