Me too. But, especially with the advent of DSP, I realized it was just received dogma.
It was DSP that did it for me, too. Back in the day in my home system I had a JVC SEA 10-band stereo graphic equalizer, which had a RTA display, a pink-noise generator, and the accessory "calibrated" microphone. To the extent that room corrections could be made using octave filters with a 6-dB slope, it worked well enough. But there were associated phase shifts and other outcomes resulting from the hardware filtration that it used, especially when adjacent bands were pulled in opposite directions.
I also had an SAE parametric equalizer that allowed me to adjust the center frequency and Q for one filter in the bass region. It also used hardware filters, and, of course, one band in the bass region isn't really enough.
Both of these added noise and probably phase distortions, though I never measured the latter.
In commercial systems, the guys I worked with customarily included a White Instruments 1/3rd-octave equalizer, adjusted for room response using a real-time analyzer.
When that JVC unit died, I pulled it out of the system and gave that idea up for many years, until I got the SAE. But it was also too hard to live with--every power glitch would erase the settings and it also added noise. I retired that unit, too, even though it looked way cool.
Getting the Yamaha YDP2006 PEQ changed all that. It's not computer-driven DSP like you were thinking, but it is the same thing for an analog system. The input goes through a gain stage (adjustable), a pre-emphasis filter (switchable), and ADC (based on a two cascaded 20-bit Burr-Brown PCM-1760's), to the DSP unit that works in 20 bits. Coming out of the DSP unit, it goes through a DAC based on a Burr-Brown PCM63P. Balanced ins and outs. This provides a SINAD in the mid-to-high 90's, plus digital filters that don't impose all the side effects of hardware filters. This was intended for commercial applications and it was expensive when new; they just about give them away now.
Rick "whose home stereo has been EQ'd using at least real-time analysis since the middle 80's" Denney