What's the alternative(s) you're thinking of?
There are some specialist things inside supercomputers (in the cases that Infiniband isn't used), but there doesn't seem to be anything else reasonably available commercially.
Omni-path (a descendant of Infiniband) doesn't seem to have worked out either.
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Infiniband also has advantages over Ethernet in other things, like bundling links together.
With (standardised) ethernet, adding more cables/links between two hosts gives more overall bandwidth in total. But the additional links can't be used to increase the bandwidth of a single stream.
With Infiniband, when you add links they just combine together into a single bigger pipe, which can transfer more traffic in a single stream. Less need to jump up to higher tier adapters and switches with IB for that, you can just run more links between the hosts.