A properly designed loudness control is only active at low volumes and automatically phases out as volume is increased.
Loudness controls exist(ed) (since it's mostly past tense

) because they are
necessary to compensate for the deficiencies of the human ear, which universally has reduced perception of extreme low and high frequencies at low volume levels.
The human ear has not changed, and therefore the need for a loudness circuit has not changed.
There are workarounds that can be helpful -- changing tone controls, adding a subwoofer, listening at higher volumes -- all of those help, but the world is a worse place for audio companies largely having abandoned loudness controls (some Yamaha's and select others excepted).
The need for loudness will go away when human hearing changes -- which is likely not soon. There's no other way to look at it. We all want to be purists and not touch the signal -- but, related to the loudness circuit, that purist thought process is in direct opposition to how all of our ears work.