I'm honestly perplexed why everyone is missing the glaringly obvious reason for the death of optical media
1) storage density.
2) storage bandwidth.
Nobody wants to wait 20+ minutes to load a single level in a game. Developers are making games larger and larger, well beyond the capacity of a BluRay disk. Optical density has not kept up with increasing storage demands.
So, in MY perfect world, we'd be going back to cartridges, where the 'cartridge' is basically a 256GB NVMe drive, so the game cartridge could theoretically be patched on-media, load times would be far lower, and there wouldn't be nearly as much dependency on massive storage on the console itself.
The reason why it will never happen this way, is because NVMe drives, even at Sony-levels of purchase, would be a significant portion of the game itself. If Sony got 256GB drives at $30 a pop wholesale (about half of what a quick look showed a drive for at retail), and they simply forwarded the cost onto the consumer, ignoring markup *and* all the retooling required to write games to NVMe media at scale, pretty much every game would be $100 or more, just because of the media...and if Sony can get away with selling games for $100 a pop, then you KNOW that Microsoft is going to trip over themselves to do the same.
Perhaps GameStop could find a new role, in that they could sell blank Sony-blessed cartridges, and then sell a case with a license key, that allows Gamestop to write the game, at its current patch level (it'd take 5-10 minutes to write in-store), to the blank cartridge, maybe include a box with a manual and some cover art if they're feeling fancy, and the cost of the media is externalized onto the customer without the game itself costing more...but it'd have to be a system like that for such media to work.
The reason why optical media is still the one everyone points to is that it's the compromise that works - users have immutable copies of the game, and the discs cost about a dime each - a trivial amount for Sony to absorb. Even if we bring it up to $5 for the case, the amortized cost of the duplication equipment, and the transportation fee...it's still cheaper than Sony will ever get flash media on a per-unit basis.
Ultimately, the reason people want discs is not because people LIKE optical media specifically, but because a whole lot of us have had download-only or stream-only media become unusable due to some licensing drama that our subscription fees were supposed to pay for. Optical media is the compromise, not the technologically elegant solution.