They sound great, they are cheap, they use less power, they take up less space, they can contain DACs and streaming receivers. They can be balanced. They can include interesting and useful features.
They have no phono stage (but you can get an outboard one), they don’t have a tuner - they won’t replace a Marantz receiver (if you want to listen to OTA broadcasts).
They have no nostalgia, there will be no one bidding up a cheap Class D amp 50 years from now. They are not DIY repairable (maybe by a select few). They are made as cheaply as possible for their price point.
Their life expectancy is unknown. Maybe 2 years, maybe 10 years, probably not 40 of 50 years. They contain technology that may or may not be supported in 10 or 15 years.
Younger generations are ripe for giving up earbuds and experiencing what speakers can do for one’s listening, when you are sitting still. However, they are not going to spend four figures for an amp or a system without some confidence that there is value. Companies like Topping and Ayima and Fosi are filling this need.
In short, yes, they can replace a vintage device with ease. But how they will fare in the future is unknown. If you will like them is very personal. I will always keep a couple vintage pieces around, but I’m not ashamed to say that there is a lot of convenience, value and pleasure to be found using these.
Bottom line: they are cheap. Buy one and try it yourself. If it sounds good to you, it is good to you. Do your research, don’t buy just cuz its cheap.