Why buy an equalizer?

I'm curious, why would someone choose to invest in an equalizer? Is it purely for the enhancement of audio quality, or are there other benefits that come with owning one? Are there specific types of music or listening experiences that are greatly improved by using an equalizer? And, if so, how does one determine which equalizer is best suited for their needs? I'm interested in hearing your thoughts on the value of equalizers and how they can impact the overall listening experience.