Hard disk manufacturing is definitely competitive, but it's also ludicrous. The madness has to end eventually.
Once upon a time, in the early days of desktop computing—in the late 1970s—it was a big deal to get a hard disk. For a few thousand dollars, you could get a 5MB drive on a huge 14-inch platter. Soon it was shrunk down to a 5-inch platter, but the price was still high. Today, I can go to Costco and get a terabyte drive on a single 2.5-inch platter for less than $75.