There was a point when the average user wanted the full power of the old WMP. that time has long since passed and their metrics show that all people do in the apps is pick a playlist and click play. for that a full media manager app with included audio wrangler, sorry EQ, is overkill and more trouble than it's worth for what the user wants to do. and just helps to confuse them and make them annoyed because the simple functions they want are hidden amidst all the advanced crap they don't need.
if you need a good media manager, Foobar is that way. people who need decent media managers know where to find it.
So we should remove any advanced functionality of all programs because most people don't use it, and expect a third-party alternative?