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Mainly because of that. Spinning rust drives are perfect for large media libraries.
There isn’t a hard drive made in the last 15 years that couldn’t handle watching media files. Even the SMR crap the manufacturers introduced a while back could do that without issue. For 4k video you’re going to see average transfer speeds of 50MB/s and peak in the low 100MB/s range, and that’s for high quality videos. Write speed is irrelevant for media consumption, and unless your hard drive is ridiculously fragmented, seek speed is also irrelevant. Even an old 5400 RPM SATA drive is going to be able to handle that load 99.99% of the time. And anything lower than 4K video is a slam dunk.
Everything I just said goes right out the window for a multi-user system that’s streaming multiple media files concurrently, but the vast majority of people never need to worry about that.