> Maybe a boot drive for some VM host?

Actually that's a really common use - I've bought a half dozen or so Dell rack mount servers in the last 5 years or so, and work with folks who buy orders of magnitude more, and we all spec RAID0 SATA boot drives. If SATA goes away, I think you'll find low-capacity SAS drives filling that niche.

I highly doubt you'll find M.2 drives filling that niche, either. 2.5" drives can be replaced without opening the machine, too, which is a major win - every time you pull the machine out on its rails and pop the top is another opportunity for cables to come out or other things to go wrong.