I think you undervalue mining and PoW in general as a hedge of risk.
Although profits looking back are higher for direct investment vs. mining are much higher, what happens if the market stagnates or even goes down? Mining continues to provide a passive revenue source. Additionally, a CPU/GPU has value for the hardware it is, and these can be sold down the road as additional risk mitigation.
No doubt PoS and other PoW-free or PoW-lite consensus mechanisms are spreading, but these are nowhere near as rigorously tested as PoW. There is a lot of value in knowing that an existing system is secure and highly vetted, so PoW will continue to remain a big player for the foreseeable future until other methods can be thoroughly tested in academia and empirically in the real world.