Happy Holydays ! I agree with Myles !!
I think there is lot more to it. I believe that we audiophiles discovered midrange somewhere after the Baxandall correctors. You remember the bass and treble buttons. We got rid of these in our (audiophile gear. No self-respecting audiophile gear would have Bass and treble corrections … although ... Heresy! , in some instances we replace these by components costing a lot which accomplish the same ...

... Back to the discussion.
What however seems to drive a lot of the music is the lower midrange however or/and upper-bass a regions that seems easy to reproduce , doesn't require a lot of power or cone surface or even displacement ; The region from 200 Hz to say a 1000. It is more important than we think and most musics from most parts of the world seem to need to sound realistic.
And most speakers are deficient there… Most rooms are also deficient there, in that region. Small speakers can work well in this region… they may however lack the power to convey adequate dynamic in that region (and the bottom end on which I will come back later) … It seems to be the reason why
some mini-monitors, even couped with subwoofers do not do very well reproducing “big” music..Not for a lack of overall SPL but rather for a lack of articulation, power, choose your word in this region. Some mini-monitors of course doit very well almost to the point of fooling the listener into thinking that more bass would not be necessary. I did find the old Sonus Faber Electa Amator to do this trick neatly… I didn’t think the same about the Extreme with which I lived a few weeks , thinking it would do better than the Electa Amator, maybe the Extrema was trying to do too much in the low bass (under 100 Hz) scarifying the upper bass in that.
Big speakers systems are essentially small ones mounted over a large woofer or woofers system. Large speakers can dedicate one or more drivers to The Region.. In Large speakers, there is usually enough drivers to allow them to have serious output in the 200 to 1000 Hz region … Let’s call it the realism region … These large speakers are usually 3-way or more .. They cover this region usually with a dedicated driver , often capable of much more (both in the treble and in the low bass) this driver can work in its most linear region … I hasten to say that I do not accept the concept of “slow” woofer because of its diameter and cone mass .. An 18 inch is capable of good midrange .. directivity come into play and that’s another story … but an 18 inch , many 18 inches, can be great performers up to 1500 Hz and even more …back to the discussion ,,,, Large speakers from most manufacturers have drivers that reproduce the region under discussion accurately and that to me is where we must look at …
All that to tell you that I don’t believe in the concept of speakers for a given music. Not really. It is true that budget considerations are there. But … There is also a point of diminishing return. A lot of real estate and volume hence cost is allocated to reproduce the bass… it does seem to me there isa point at which it no longer makes sense to go for the last Hz within a given cabinet… Either split it as in the Genesis, Nola or Gryphon or actually split it with a large speaker capable of serious bass augmented with multiple subs..
That is my theory and I think I have some objective data behind it. As for the observation. I have heard large speakers that out-small small speakers. Recently .. Steve X-2 were the first to blow me away in this regard but I have heard some Rokport, Magico, Wilson, Avalon and Scaena to convince me that what small speakers do larer can do it too and better.