While STEREO may have a pleasing effect, I have rarely heard a reproduction that accurately resembles a live performance.
I would like to respectfully suggest that you haven't heard a decent stereo rig, then.
As I attempted to demonstrate with links to scientific findings from the 1880's, the ability of more than one channel of sound to allow spatial reference by the listener is demonstrated. It is incontrovertible fact, not subject to contestation. The exception would be a listener who had only one ear to hear with; possible and unfortunate if you might be such a person.
I still tend towards conspiracy though.

Perhaps a marketing ploy by the powers that be.
If you tend towards believing a conspiracy where there is not only no proof, but not even any reasonable suspicion, I'd say you're either trying to start a fight, or exceedingly silly.
However, if it were a conspiracy, there would have been no reason to stop at two channels. Men's razors, for example, are now up to eleventy-dozen blades, I recall. This from the 'Trac Two' of the halcyon days of my youth. That is indeed marketing and hype.
Stereo / binaural sound, though, was established by scientific means more than a half-century before anyone thought to make consumer sound reproduction equipment that made use of this effect. The effect exists. Period.
Its interesting to note that no one particularly addressed the phrase "high fidelity" and what it truly means. I suppose in the end the topic becomes quite subjective and is really about what the listener enjoys weather it be a pleasing audible effect, or an attempt at realistic reproduction.
The term 'High Fidelity' means precisely that. 'High' is a relative term, and compares to the overall ability of any means to reproduce a live performance. The high-water mark would be 'high' faithfulness to the original performance, regardless of the objective reality of that attempt.
To be quite candid, I don't believe that you believe what you've stated. We're just being baited for your amusement.