My understanding is that the HDD market (by TB, at least) is mostly hyperscale operators - Google, Facebook, Dropbox, Microsoft Azure and OneDrive, etc. They store most of their data on HDD, because HDD capacity is cheaper, and do most of their reads/writes from SSDs, because SSD performance is cheaper. Unaccessed files get moved to slower and cheaper parts of the system over time.
Note also that NVMe SSDs cost a lot to deploy. A normal (non-Google) person can buy a bare system with 45 3.5" HDD slots for maybe $5K, adding about $100 to the cost of each deployed drive. A system you can plug 45 NVMe drives into is going to cost enormously more. You can deploy SATA or SAS HDDs for about the same per-drive cost overhead as HDDs, but you sacrifice a lot of performance.