Dirt cheap & relatively fast data IO performance, not as snappy as SSD but cost per unit of data storage far lower, approaching that of vastly slower tape drives used to achieve or backup data where data speed not important but data retention king & lower costs drive ongoing use of very old polymer tape data storage technology.
Do you remember the 8-inch floppy diskette that only held 600kb of data? How about the 5-1/4 inch floppy disks, or the little 2.5-inch floppy with 1.44mb of storage. You can still use the smaller ones over USB either A or C types, as external floppy drives allow a personal laptop or desktop to access very old files on these classical mid or late 1990s floppy disks in a plastic case & spring loaded metal cover that the drive moves so the read write head can impart magnetic domain shifting on the polymer floppy disk inside that stores the data in iron nano particles embedded into the spinning disk.
Hard Drives use 5000 rpm, 7200 rpm or 10000 rpm aluminum disks stacked on shaft with multiple read write heads, sealed with helium gas under vacuum to reduce disk spinning gas friction & keep dust or other tiny contaminants out of the drive to maintain useful integrity of the data storage drive, as HDD are virtually cost effecting ways to store fast to access data locally, while SDD are starting to catch on for faster bootup, faster IO, faster read write, fastest possible data, even on the Xbox the SSD boosts system performance, reducing time wasted waiting for things to load.
Hard disk drives will never go away entirely, as they offer a nice balance between low data storage costs & relatively quick data speeds. Film or tape drives are cheapest for bulk long term storage. SSD offer the fastest IO performance. In this way we see smartphones are entirely SSD SOC stack & can sip power on a tiny rechargeable battery all day long, while energizing that touch screen Super-Am-OLED screen on Samsung of Apple smartphones, as the brains or SOC system on a chip does virtually all the data processing, GPU, CPU, Chache, Networking, IO, drivers, software, data storage, battery management, its all amazingly controlled by on bit a kind of AI built into the SOC system, that way the only parts of the chip that are energized are the parts of the SOC being currently used when the phone unlocked & touch screen finger inputs are activating things on the phone. This only energize part of the SOC utilized means 90% less electrical power & heat generation, so tiny heatsinks & tiny amounts of battery energy storage can operate your smart ring or smartwatch or smartphone, smart shoes or smart clothes, smart appliances or smart furniture. Even smart homes exist where such technologies are integrated into all appliances, the building, HVAC, and work together for optimizing energy conservation to save renters or owners money on their utility bills.
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