All speakers have a little EQ built in

My favorite speakers, JBL 4311, have a simple dividing network with volume controls. 2 capacitors and Lpads. Yes, over time the Lpads need cleaning, but devoting a couple of hours every 10 years isn’t a big deal. 

The drivers, cabinet, and crossover were designed to work together as is. The 3 drivers overlap in frequency response above 1500hz with no inductors choking them off. Additionally, the midrange driver is built with polarity reversed. This is a common technique JBL engineers used in various models. 

These were the most popular studio monitors among recording engineers of all genres during the 1970s. They fell out of favor for mixing because they sounded too good and didn’t translate well to average consumer models, but many engineers used them at home for that very reason. 
 

JBL engineers eventually succumbed to the marketing department and designed more complex crossovers in future models. They sound great but don’t have the dynamics of the 4311. It’s a unique and special speaker. 
 

I should add that I tried a Schiit Lokius in my system. It’s not bad, but it does change the sound even set flat. The bypass works, but engaging it immediately affects the sound. I returned it. 

It affects the sound alright...It fixes Bad recordings......Listened to a Doors Live album last night...Weak bass and a little bright....Loki fixed it...Sounded great and great music that’s now very listenable when it Wasn’t before. Makes sense....yes and it doesn't affect the sound when you turn it off and the signal just runs thru the turned off unit...that's the way Schiit designed it..call them.

Although many people attest that the analog EQ does not alter the sound trait in general, I am suspecious if that is true. Essentially, all analog equalizers were electronic circuits with inductors and capacitors which shift the phase of AC signals passing through them to alter the frequency response in different bandwidths. These physical electronic components have the potential to influence sound quality as @mashif has mentioned. For instance, a larger capacitor tends to perform better than its smaller counterpart, producing a bolder and cleaner sound.

On the other hand, the PEQ allows for the adjustment of the Q factor, enabling tone shaping. In contrast, analog EQ is fixed with a Q factor usually set around 1.5. When used judiciously, the digital EQ tool tends to do a better job of tweaking the sound to my liking compared to analog EQ. I rarely notice any degradation in sound quality with the digital EQ.

@mbmi 

When I auditioned it, I primarily used the low end adjustments but unfortunately it also affected the high end, making bright recordings sound brittle. And I’m not going to use an equalizer to correct problems introduced by the equalizer. I was disappointed. High quality equalizers shouldn’t do that. 
 

@lanx0003 

Digital eq is the way to go for most. Studio quality PEQs can sound great but are best used for production, not reproduction. Most studios stopped using room eq long ago because of the issues you mentioned.