Yes, one of the many things I talk about in performance book is that this trend is pretty much inevitable:
Hard disk capacity is determined by their area. Access speed is linear. So if you improve the (linear) density two-fold, meaning you’ve doubled throughput, well congratulations, you’ve quadrupled capacity!
So our ability to actually get at the data on our hard disks has inevitably shrunk and shrunk, and will continue to do so. (Access times are controlled by physics, how fast you can start/stop a mass. Physics don’t change much, though the heads get a little lighter with time. The faster you start/stop them, the noisier they get, again, physics, so wanting quieter HDs works against them getting faster).
And of course SSD are also something with an area, and the access to a particular block is serial. Same overall issue, minus starting/stopping the read head. And RAM as well.