Real radio was never a hi-fi medium, in the same sense as competing sources were hi-fi--> i.e., records and open reel tape. Also, prior to the advent of digits, radio programs (unless they were 'live') were mostly sourced from records, or open reel tape dubs of records. Records likely played with a Stanton 500 series cartridge. Think about that.
Unless you lived relatively close to the tower, reception and its resultant sonic vagaries were always an issue. For best S/N, and definitely for stereo, you needed an outdoor antenna, preferably one with a motorized rotor (if you were lucky enough to have several stations worth listening to).
Selectivity, multipath, weather conditions, and so forth made consistent quality reception questionable. Early SOA domestic oriented tuners were through the roof expensive. The Marantz 10 was rumored to have bankrupted the company. A McIntosh MR-78 sold for well over ten thousand of today's inflato dollars.
So, no matter how deficient Internet radio might be, from an overall quality and cost/performance ratio, it's miles ahead of broadcast--at least for most folks, and certainly from an historical standpoint.