This is likely utility-dependent, but when I did my panel upgrade last December, my utility guy (PG&E) said that it would be their responsibility to upgrade the wires between my meter an their "pole" (an underground junction box, in my case) if the wires weren't already big enough. Fortunately they were, I think, 4-0, good enough for a 225 amp panel, and we only needed a 200 amp one, so we were good.
But two points about this: One, we think the line from the junction box to my house is a direct burial kind (not in conduit), so it would have been a matter of digging up bushes and trees to replace it. Even if in conduit, the conduit was sized for the older (smaller) wires, under older construction codes, and these wires are really really (did I mention really?) stiff. It's not a simple matter of pulling out one set and fishing in a new one. So, some major construction would be involved, on a non-trivial time line.
Second, I asked about the overall effect on the neighborhood (like, what if everyone wanted to do this?), and he said that if, say, I wanted to go to 400 amps service that it could mean a significant disruption to the entire local infrastructure, and that correcting it wouldn't be an automatic thing. I took that as my upgrade could have been either denied or significantly delayed. Again, fortunately, it never came to that, and, as the junction box ("pole") is in the sidewalk right in front of my house, the voltage sag I experience is maybe a volt or so. Looking at the junction box when it was open, I could see that some homes had smaller wiring than I had (the subdivision was built out over many years), so they might be in for a more extensive project. Good news is that they monitor this sort of thing (overall load and balance), so hopefully we'll never get into trouble. But it was clear that over-building the home infrastructure has its limits, not all of which you have control over.
But, you never know what you have until you open the wrapper. Ask.