Re: not moore's law but...
Is it not possible that the current 1TB+ drives are providing more storage than is necessarily being asked for?
More and more people are storing more and more photographs, music tracks, and video, and it all has to go somewhere. While it may be convenient to store some of that on the cloud you'd have to be mad not to store anything you cared about on media that you control.
And back it up.
More than once.
My not-so-new-now consumer grade DSLR creates RAW images that are around 25MB each. It's not difficult to fill a 1TB drive with those alone in a year or two.
I develop software, and have to test the code I write in different environments. Sometimes have to work on the move, so my laptop needs a 1TB drive just to hold the VM images I use on a daily basis (though it's possible that my use case is not entirely typical).